Many taxpayers believe that income tax returns (ITR) can only be filed by the due date. However, this is not entirely correct. If you earned income from bank interest, capital gains, or dividends and missed the September 16 deadline, you still have options.
Due Date vs. Last DateThere are two important dates for filing ITR:
Due Date: For the assessment year 2025-26 (FY 2024-25), the original due date was July 31, 2025, which was later extended to September 16, 2025.
Last Date: Even after the due date, you can file a belated return.
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If you missed the September 16 deadline, you can file a belated return until December 31, 2025.
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In special cases, you may file an updated ITR after April 1, 2026, but you will need to pay any pending tax along with interest and penalties.
Loss Carry-Forward Restrictions: If you miss the due date, you cannot carry forward losses to future years.
Interest on Outstanding Tax: If sufficient advance tax hasn’t been paid, interest will be charged for late payment.
Refund Impact: Interest on refunds may be lower for delayed filings.
Late Filing Fee:
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Annual income below ₹5 lakh: ₹1,000
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Annual income above ₹5 lakh: ₹5,000
Gather all details of income and deductions: bank interest, capital gains, dividends, etc.
Choose the Belated ITR form on the e-filing portal.
Calculate and pay any pending taxes and interest.
After filing, download the ITR-V acknowledgment for your records.
Conclusion:
Even if the due date has passed, you can still file your ITR. However, late filing may result in interest, penalties, and limited tax benefits. Filing as soon as possible is recommended to minimize costs and ensure compliance.
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