ITR’s deadline missed? Not worried, you can file late

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The last date for filing ITR for FY 2024-25 by the central government has been extended to 15 September 2025. But, if you do not fill ITR for any reason till this date, then there is no need to panic. Even after this, there is an option of late filing.

If you have not filed it till the last date to file ITR, it can be filed even after that. For this, some steps have to be followed.

  1. For this, first you have to log in to the E-Filing website of income tax.
  2. After that according to your income, select the correct form from ITR-1 to ITR-4.
  3. Fill your income, deduction and tax details.
  4. The system itself will add late fees.
  5. Confirm OTP or DSC by uploading the necessary documents.
  6. After that submit and clear all the tax and interest, make it clear by paying it online.

It is always best to file ITR on time, but if the deadline is missed, then do not leave it late. Also, if KYC is pending, then complete it and keep all the tax payment records. For the future, set the reminder or seek help from a tax advisor, so that there is never a hassle to file late again.

How much will be fined and interest

If you did not file ITR on time and you are outstanding tax, then you will have to pay interest under section 234A. Also, late fees will also be charged according to section 234F. If your income is more than Rs 5 lakh, then the late fee will have to be paid Rs 5,000. If the income is less than 5 lakhs, then only Rs 1,000 will have to be paid. Apart from this, 1% interest can also be charged every month on tax late payment. The sooner you file, the low interest and fees will be charged.

There is a big disadvantage to file late ITR that you will not be able to forward some losses like business or capital loss for next year. Those who file this benefit only get this benefit. If you want to reduce your taxable income in the future, then by filing late, this opportunity can get out of hand.

Advantage of refund and exemption

Apart from this, while filing late ITR, you can claim tax refund deduction or discount. But, keep in mind that some time-bound benefits, such as Section 87A, will be given exemption on income up to ₹ 7 lakh, only when you have filed before the return dew date. Yes, long-term capital gains and the rest of the deduction can be claimed, provided the correct documents are installed.

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