ITR Filing for FY 2024–25 (AY 2025–26): Key Dates, Penalties, and Filing Options
Filing Income Tax Returns (ITR) is a legal responsibility for all taxpayers in India. It ensures proper disclosure of income, claims of eligible deductions, and reporting of tax liabilities to the Income Tax Department.
Filing Income Tax Returns (ITR) is a legal responsibility for all taxpayers in India. It ensures proper disclosure of income, claims of eligible deductions, and reporting of tax liabilities to the Income Tax Department. For the Financial Year (FY) 2024–25 corresponding to Assessment Year (AY) 2025–26, timely filing is critical to avoid penalties and interest charges.
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ITR Filing Start Date Delayed to June 2025
Although ITR filing typically begins on April 1 of the assessment year, the process for AY 2025–26 is expected to start in June 2025 due to delays in the release of corresponding online utilities. The Central Board of Direct Taxes (CBDT) has already notified ITR forms ITR-1 to ITR-7, enabling taxpayers to prepare their filings in advance.
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Last Date to File ITR for FY 2024–25
The ITR filing deadline for non-audit individuals and HUFs is 31st July 2025. Those who miss the due date can still file a belated return by 31st December 2025, but with applicable penalties and interest.
📅 Income Tax Return Due Dates at a Glance:
| Category of Taxpayer | Due Date |
|---|---|
| Individual / HUF / AOP / BOI (no audit required) | 31st July 2025 |
| Businesses requiring audit | 31st October 2025 |
| Businesses with transfer pricing reports | 30th November 2025 |
| Revised Return | 31st December 2025 |
| Belated / Late Return | 31st December 2025 |
| Updated Return (up to 4 years from end of AY) | 31st March 2030 |
Consequences of Missing the ITR Deadline
Missing the deadline can lead to several consequences:
🔹 Interest Charges Under Section 234A
You’ll be liable to pay 1% interest per month (or part thereof) on any outstanding tax liability.
🔹 Late Filing Fees Under Section 234F
- ₹5,000 penalty if income exceeds ₹5 lakh
- ₹1,000 penalty if income is up to ₹5 lakh
🔹 Loss Adjustment Disallowed
Losses from sources like stock trading, mutual funds, or business cannot be carried forward if ITR is not filed on time.
Belated Return: File After the Deadline with Penalty
If you miss the 31st July 2025 deadline, you can still file a belated return by 31st December 2025. While deductions can still be claimed, losses cannot be carried forward. Penalties and interest will apply.
Revised Return: Correct Mistakes Without Penalty
If you discover errors after filing, you can submit a revised return by 31st December 2025. This allows correction of omissions or mistakes. Example:
Mr. X filed his return on 30th June 2025. On 1st August, he realized he missed a deduction. He can revise his return before 31st December 2025.
Updated Return: Last Option Beyond the Deadline
If you miss both the original and belated deadlines, you can still file an updated return (ITR-U) up to 31st March 2030 (4 years from the end of the relevant AY), subject to eligibility.
Understanding Financial Year vs. Assessment Year
- Financial Year (FY): Year when income is earned (1 April 2024 – 31 March 2025)
- Assessment Year (AY): Year when income is assessed and taxed (1 April 2025 – 31 March 2026)
Start Preparing Now for a Hassle-Free ITR Filing
With the filing window expected to open in June 2025, taxpayers should begin gathering necessary documents and tracking their income and deductions. Timely and accurate filing not only prevents penalties but also ensures you’re able to carry forward losses and claim all eligible tax benefits.
