Missed ITR for FY25? You can still fix it using updated return

Missed filing ITR? Here is how to file Updated Return

• You can file an updated ITR for FY25 from 1st April 2026
• Updated ITR allows you to pay due tax with additional charges
• Updated ITR cannot be filed to claim a refund

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Missed filing your ITR ? The deadline may be over, but the law still gives you a chance to come clean with extra cost. Today's Ask Wallet Wise query decodes how to file the missed return for FY25

The Ask Wallet-Wise initiative offers expert advice on personal finance and money-related queries. You can email your queries to askwalletwise@nw18.com, and we will try to get a top financial expert to address them.

I am a salaried person. In addition to salary I also had some capital gains on shares sold on the stock exchange. Due to oversight I could neither pay the tax due nor file my Income Tax Return (ITR) for the financial year 2024-2025. Can I file my ITR now? If not what the remedy do  I have now as I want to come clean?

Expert's Advice: The due date for filing of the ITR for salaried person as extended for the financial year 2024-2025 was 16th September, 2025. You could still file your belated ITR by 31st December 2025 by paying applicable late fee. Since the last date for filing the ITR for financial year 2024-2025 is already over you cannot file your normal ITR now for 2024-2025.

However, under the provisions of Income Tax Act, one can file an updated Income Tax Return within 48 months from end of the relevant assessment year. The relevant assessment year for the financial year 2024-2025 is 2025-2026 which will get over on 31st March 2026. So you will be able to file your updated ITR for financial year 2024-2025 from 1st April 2026.

One can file an updated ITR whether he has filed an ITR or has not filed one provided some tax is payable by him.  An updated ITR cannot be filed for claiming a refund. Since you had failed to pay the taxes and did not file an ITR you are eligible to file updated ITR for financial year 2024-2025 within 48 months from 1st April 2026.

Those who are eligible to file an updated ITR have to pay additional tax in addition to the normal tax and interest tax liability.

If you file the updated ITR within 12 months from the end of the assessment year, you will have to pay 25% of interest and tax as addition tax. If you do not file, the updated ITR within 12 months from the end of the assessment year, the quantum of additional tax payable will go up depending on the period of delay.

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