Income tax returns: Why you must not bank on ITR filing deadline extension

So, things are unlikely to be any different this time round. On your part, it’s best to pull up your socks and complete the process right away instead of waiting till the last minute and dealing with I-T e-filing portal glitches due to the heavy traffic then.

The due date for filing an ITR varies depending on the type of taxpayer and the specific circumstances. For salaried individuals and other taxpayers who do not have to fulfil audit requirement, the due date for filing ITR is July 31. If you miss the original deadline, you can file a belated return by December 31.  However, be prepared to pay penalties for this delay.

Also read: ITR Filing 2024 last date: File tax returns before July 31 or face penalties, delay in refunds

Consequences of filing ITR after the due date

Not adhering to the deadline will mean inviting penalties and interest on the tax amount due.

For one, you will have pay late-filing fees of Rs 5,000, though this amount is limited to Rs 1,000 if your total income is less than Rs 5 lakh.

This apart, you will have pay a simple interest under Section 234A of the I-T (Income-tax) Act at the rate of 1 percent for every month or part of a month. This will start immediately after July 31 up to the actual date of filing returns.

Also read: Slowdown in access to AIS, ITR e-filing portal, resulting in delays, say chartered accountants

Also, in the case you have incurred capital losses on the sale of shares or mutual fund units during the year, you will not be able to carry forward these losses to be set off against your future income in subsequent years.

Finally, filing returns early ensures that your returns are processed quickly and consequently, processing of tax refund, if any, is faster.