ITR Filing 2025: Last Date, Due Date, Process, Penalty and Latest Income Tax Return Updates

Here’s all about the deadlines, process and penalty

What is the deadline for filing ITR 2025?

The deadline for ITR 2024 filing is September 16 (Tuesday).

What documents are required to file ITR?

Before you file your tax return, obtain the following papers, as applicable:

• Form 16 from current and previous employers, if changing jobs mid-year,
• Form 26AS; AIS (Annual Information Statement),
• PAN Card,
• Aadhaar Card (with PAN-Aadhaar linked),
• Investment proofs (e.g., bank deposits, PPF deposits, capital gain P&L statement),
• Home loan interest certificate and insurance premium payment receipts.

How to file ITR?

• Log in to the income tax portal using your user ID (PAN number) and password
• Go to the ITR filing section
• Select the assessment year
• Choose filing status
• Select the correct ITR form
• Review and confirm all the information
• Pay your tax dues and submit
• E-verify the return

Late filing of ITR and penalties

A belated Income Tax Return (ITR) can be made if a taxpayer fails to submit the initial return by the due date specified in Section 139(1).

One is to pay interest at the rate of 1% each month or part month on any overdue tax amount, under Section 234A.
Under Section 234F, they would be assessed a late fee of Rs. 5,000 if the total income exceeds Rs. 5 lakh and Rs. 1,000 if the total income is less than Rs. 5 lakh.

Certain benefits will be lost, such as the ability to carry forward capital and business losses, as well as deductions under 10A, 10B, 80-1A, 80-IB, 80-IC, 80-ID, and 80-IE

Common mistakes to avoid while filing ITR FY 2024-25:

i. Choosing the wrong ITR form:

It’s important to file the applicable ITR form, which is determined by the taxpayer’s kind and amount of income, as follows:

ITR 1: Salaried persons earning up to Rs. 50 lakh
ITR 2: Individuals With Capital Gains
ITR 3: Income from Business or Profession
ITR 4: Income from business or profession < Rs. 50 lakh.
ITR 5: Firms, LLPs, AOPs, and BOIs. ITR 6: Companies.
ITR 7: Charitable Trusts.

ii. Mismatch in records:

Taxpayers frequently neglect to reconcile their Form 16, Form 26AS, and AIS before filing, which can lead to notices and adjustments to refunds if not corrected.

iii. Personal details and verification of ITR:

Refunds are processed only through pre-validated bank accounts. Errors in account number, IFSC or even personal details like PAN and email can hold up payouts. It’s also important to note that ITR filing is incomplete without e-verification via Aadhaar OTP, net banking or other approved modes.

iv. Not reporting foreign assets and income:

Taxpayers must report any foreign assets or income, such as foreign bank accounts or property, on their annual income tax forms, as failure to do so may result in severe penalties and legal implications.

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