ITR filing 2025-26: Yet to file tax returns? Know the consequences of missing September 15 deadline

To be sure, even if you miss filing your returns by September 15 (extended from July 31, which is the original due date), you can complete the process by December 31. That is, you can file a belated return by December 31, 2025 under section 139(4). “Any person who has not furnished a return of income within the time period allowed under section 139(1)…may furnish return for any previous year at any time three months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier,” as per income tax rules.

However, not completing the return-filing exercise before the due date would not only mean paying late-filing fees, but also letting go of certain benefits.

For one, ​​​you will have to shell out penal fees of Rs 5,000 under section 234F. However, for taxpayers whose income is less than Rs 5 lakh, the late-filing fees are capped at Rs 1,000.

Moreover, you will not be able to carry forward any capital losses that you may have booked on sale of stocks, mutual fund units or property during the financial year. Also, another point that taxpayers choosing the old tax regime should note is that they will not be able to claim the exemptions and deductions available under the structure if they miss the September 15 due date.

Also read: ITR filing live blog: Process hit by e-filing portal glitches, AIS access woes, say tax professionals

Dates to remember

-         July 31, 2025 – Original due date for filing ITR for FY 2024-25 (AY 2025-26) for individual taxpayers

-         September 15, 2025 – Extended due for ITR filing for FY 2024-25 (AY 2025-26)

-         December 31, 2025 – Due date for filing belated returns/revised returns

-         March 31, 2030 – Deadline for filing Updated Return

Updated Return facility to the rescue

Should you miss the opportunity to file belated returns, too, the income tax laws provide another chance to complete your annual obligations. However, this comes with significantly higher costs.

Termed Updated Return, the facility was introduced in 2022 and allows taxpayers to file returns or rectify errors under section 139. “The section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions),” as per the I-T department’s FAQs.

An updated return can be filed at any time within 48 months from the end of the relevant assessment year. For example, ITR for assessment year 2025-26 (financial year 2024-25) can be filed up to March 31, 2030.

An updated return can be filed only after the due date for original, revised or belated returns has passed. The purpose of filing an updated return is to declare additional income and pay the resulting additional tax. For example, you can't file an updated return to claim a loss or increase your refund amount; it shouldn't lead to a decrease in your tax liability. Also, an updated return cannot be revised once filed.

Moreover, you will have to be prepared for substantial additional tax outgo. So, if you file an updated return within 12 months from the end of the assessment year, you'll need to pay 25 percent of the additional tax. This percentage increases to 50 percent if filed within 24 months, 60 percent within 36 months, and 70 percent within 48 months of end of the assessment year.