Income tax
The Finance Ministry has recently released a large reminder, stating that the last date for filing income tax returns (ITR) for FY 2024-25 is September 15, 2025. This date will not be extended even further. The government had already extended the date of filing ITR from July 31 to September 15 this year so that taxpayers could get enough time to complete their tax related work.
But now the ministry has made it clear that this is the last chance for taxpayers whose accounts are not audited. The ministry believes that 45 days of expansion is enough time for taxpayers. Therefore, there is little hope that this time the government will make any further change in the date. The Finance Ministry has also warned that if a taxpayer fails to file returns within this scheduled time, then they may have to pay late fees or interest.
Why is it necessary to file income tax returns on time?
Filing income tax returns is an important legal responsibility in India. It not only gives information about your earnings to the government, but tax is also deposited on your behalf at the right time. By filling the returns on time, you avoid the government’s fines and interest. Apart from this, the process of getting tax refunds by filing returns is also quick. Return works as your financial record, which is helpful in taking loans, obtaining visas and other essential tasks.
Government strict on September 15 deadline
According to an ET report, the Chartered Accountant said that the government will remain on the last date of September 15 this time. Despite the technical problems of the portal, the disturbances in data matching and the delay in releasing the form, the government will not increase the deadline, so do not delay in filing ITRs and complete its process soon.
How many taxpayers have filed returns so far?
According to the Income Tax Department website, about 5 crore returns have been filed for FY 2024-25, out of which about 4.7 crore returns have been verified and 3.4 crore have been processed. These figures are better than in previous years and show that the trend of filing tax through digital means is increasing rapidly.
What happens when late ITR filed?
If you file income tax returns after September 15, then you have to pay a delay fee. Generally, this fee can be up to Rs 5,000, but if your total income is less than Rs 5 lakh, then the late fee will be limited to a maximum of Rs 1,000. Apart from this, an interest of 1% monthly has to be paid on the outstanding tax. Therefore, filing returns on time is the best option.