The Income Tax Department has set the last date for filing Income Tax Returns (ITR) for the financial year 2024-25 (FY25) at September 15. This deadline was extended from the original date of July 31, as announced by the Central Board of Direct Taxes (CBDT). The new deadline applies to taxpayers who are not subject to tax audit, including individuals, Hindu Undivided Families (HUFs), and entities that use ITR forms 1 to 4.
Who Is Eligible for the New ITR Deadline?
The September 15 deadline applies to taxpayers who are not required to undergo a tax audit. This includes:
- Individuals earning income from salary, pension, rent, capital gains, or other sources.
- HUFs (Hindu Undivided Families).
- Small businesses and professionals under the presumptive taxation scheme, such as those covered under Sections 44AD, 44ADA, and 44AE.
These taxpayers are not required to maintain detailed books of account, and hence, the ITR filing deadline is extended to give them more time to complete their returns.
Is There a Possibility of Another Extension?
As the deadline approaches, there have been growing concerns among taxpayers and accountants about the reliability of the income tax portal. Reports of glitches, delays in processing ITRs, and issues with tracking refund status have led to calls for an extension of the deadline.
Currently, as of the latest update, 5.47 crore ITRs have been filed, which is significantly lower than the 7.28 crore filed in the previous year. This discrepancy has raised questions about the efficiency of the income tax department in handling the return filing process.
The Advocates Tax Bar Association and the Institute of Chartered Accountants of India (ICAI) have formally requested an extension of the ITR filing deadline, citing the ongoing technical issues and the pressure on taxpayers to file their returns on time.
However, as of now, the Income Tax Department has not issued any official update regarding an extension. Taxpayers are advised to monitor the official website and stay updated with any announcements from the department.
What Happens If ITR Filing Is Missed by September 15?
Filing the ITR after the deadline of September 15 will result in a penalty under Section 234F of the Income Tax Act. The penalty is as follows:
- Rs 5,000 for individuals whose income exceeds Rs 5 lakh.
- Rs 1,000 for individuals whose income is less than Rs 5 lakh.
It is important to note that even if the ITR is filed after the deadline, it can still be submitted up to December 31, 2025. However, the penalty will apply if the return is filed after the due date.
Additionally, revised or belated returns can be filed up to December 31, 2025, while updated returns (ITR-U) can be submitted up to March 31, 2030. This gives taxpayers a window of opportunity to correct any errors or omissions in their returns.
Tips for Taxpayers to Avoid Penalties
- File Your ITR on Time: The deadline is approaching quickly, so it is crucial to file your ITR before September 15 to avoid penalties.
- Use the Income Tax Portal: Ensure that you are using the official income tax portal for filing your returns. If you encounter any technical issues, report them immediately.
- Consult a Tax Professional: If you are unsure about the process or have complex financial situations, consult a tax professional or chartered accountant.
- Track Your Refund Status: If you are expecting a refund, keep a close eye on the status updates on the income tax portal.
- Prepare Your Documents: Make sure you have all the necessary documents ready, such as income statements, expense receipts, and other relevant financial records.
Conclusion
The ITR filing deadline for FY2024-25 is set for September 15, and taxpayers are urged to file their returns before this date to avoid penalties. While there are concerns about the reliability of the income tax portal, the department has not announced any extension at this time. Taxpayers are advised to stay updated with the latest news and take necessary steps to ensure timely filing of their returns.
In the meantime, it is important to remain patient and proactive in addressing any issues that may arise. By following the guidelines and staying informed, taxpayers can navigate the ITR filing process smoothly and avoid any