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The final deadline for filing Income Tax Returns (ITRs) for Assessment Year 2025–26 is September 15, 2025 . The Income Tax Department has reminded taxpayers that no further extension will be granted this year. Already, more than six crore ITRs have been filed, with numbers expected to rise further as last-minute filers complete the process. Earlier, the due date was July 31 , but it was extended by six weeks due to “structural and content revisions” in the ITR forms. The department has also ensured round-the-clock assistance through calls, live chat, WebEx sessions, and social media support. Importance of Filing Income Tax Return Filing ITR is not just a legal obligation; it has multiple practical and financial benefits. 1. Legal Compliance Every person with taxable income above the basic exemption limit must file ITR. Non-filing can lead to penalties, interest, and prosecution in some cases. 2. Proof of Income ITR acts as an authentic document for proof of income. It is oft...

The Income Tax Return (ITR) filing deadline for Assessment Year 2025-26 is fast approaching on 15 September 2025 . While millions of taxpayers—salaried employees, professionals, freelancers, and businesses—are hurrying to file on time, many remain unaware of the serious consequences of missing the deadline. From late fees and interest charges to even loss of tax benefits and prosecution in extreme cases , the implications are significant. Late Fee Under Section 234F The Income Tax Act, 1961 , prescribes a penalty for delayed filing under Section 234F , based on the taxpayer’s income: If total income exceeds ₹5 lakh , the penalty is ₹5,000 . If total income is below ₹5 lakh , the penalty is ₹1,000 . No penalty applies if the income is below the taxable threshold . However, even those exempt from penalty may still face compliance issues if filing is required for reasons such as foreign income or certain financial transactions . Interest on Unpaid Tax Liability If you...