Is it possible to file an Income Tax Return (ITR) after the due date? What is the last date for filing ITR for FY 2024-25? Today’s Ask Wallet Wise query explains the options available if the ITR deadline is missed.
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My uncle is a senior citizen. He earns income from bank interest, dividends from shares and mutual funds. He also has capital gains from listed shares and investments in mutual funds. He needs to file his income tax return for the financial year from 1st April 2024 to 31st March 2025. I am confused about the last date for filing the return—is it 31st December 2025 or 31st July?
Expert Advice: There are two relevant dates for ITR filing: one is the due date, and the other is the last date, beyond which you cannot file your ITR. People are generally under the impression that the due date is also the last date for filing the ITR, beyond which it cannot be submitted. This is not correct.
If you fail to submit your ITR by the due date, you can still file it later. The original due date for submitting the ITR for Assessment Year 2025–26, relevant to the financial year 1st April 2024 to 31st March 2025, was 31st July 2025. This has been extended to 15th September 2025. If your uncle fails to file the ITR by this date, he can still file belated return by 31st December 2025. If one miss filing return by December 31 due to unavoidable reasons, then updated returns can also be filed subject to specified conditions.
However, there are certain consequences if your uncle does not file his ITR by the due date of 15th September 2025. Firstly, if he has any loss that he is entitled to carry forward for set-off against future income, he will lose that benefit. Additionally, if full advance tax has not been paid by 31st March 2025, he will have to pay interest on the shortfall, even if the payment is made later.
If your uncle, as a senior citizen, is not required to pay advance tax, he will still have to pay interest on any shortfall from 15th September 2025 until the date of filing. If he is entitled to a refund, he may lose interest on the refund for the period of delay attributable to him.
If your uncle fails to file the ITR by 15th September 2025 (the revised due date), he will also have to pay a late fee, depending on his total income. If his taxable income exceeds Rs 5 lakh, the late fee will be Rs 5,000. If his income does not exceed Rs 5 lakh, the penalty is capped at Rs 1,000.
Disclaimer: The views expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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