TR Filing Deadline Extended: September 15 Last Date for FY 2024-25

The work of filing ITR for the financial year 2024-25 (assessment year 2025-26) is ongoing. This year, the Income Tax Department has decided to give additional time to taxpayers to file their ITR. As we all know, the last date for filing income tax returns ends on July 31, but this time, one and a half months more have been given for ITR filing. However, now this deadline is also near, and taxpayers have less than 20 days left. If you have not yet filed ITR, then fill it soon, because after the deadline you may have to pay a penalty for it.

The last date for filing ITR for non-audit taxpayers for the financial year 2024-25 is September 15. As per the income tax laws, filing income tax returns is the responsibility of all taxpayers. It is necessary not only to comply with the income tax laws but also to declare all income sources, deductions of eligible expenses, and report tax obligations to the Income Tax Department. If you do not file ITR by September 15, you can file late returns till December 31 with a penalty.

A fine is imposed under section 234F of the Income Tax Act for filing late returns. If your total income is more than Rs 5 lakh, a penalty of Rs 5,000 will be imposed. At the same time, if your income is less than Rs 5 lakh, then this fee will be Rs 1,000. This fee is applicable to all those taxpayers who do not file returns on time.

If you have suffered any capital loss from the stock market, mutual funds, property or business, you can adjust it with your income in the next financial years. If you do not file ITR by the deadline of September 15, then you will lose the facility to carry forward this loss. Loss from house property can be carried forward even if the income tax return is filed late. If you file income tax return after the last date, then you will have to pay interest at the rate of one percent per month or part of the month on the outstanding tax amount.