Taxpayers across India are gearing up to file their income tax returns (ITRs) for the financial year 2024-25. There are different ITR forms for various categories of taxpayers, each with its own deadline. Whether you are a salaried individual, a freelancer, or a business owner, understanding the key ITR filing deadlines is crucial for staying compliant with the law and maximising your tax benefits. Missing the deadline to file your ITR can result in penalties, interest, the loss of benefits such as the ability to choose your tax regime, and unnecessary stress. This year, the Central Board of Direct Taxes (CBDT) has extended the due date for certain taxpayers to file their income tax returns. In this article, we will discuss the due dates for filing all types of income tax returns for FY 2024-25 (AY 2025-26), making it easier for you to stay on track with the deadlines.
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When we discuss filing income tax returns, we often refer to either the financial year or the assessment year, and it is important to understand that these terms are distinct from one another. If you are wondering what an assessment year is and how it differs from a financial year, let us explain.
Difference between financial year and assessment year
What is a financial year?
The financial year is the period during which you earn your income. It typically runs from April 1 of one calendar year to March 31 of the following calendar year. It is commonly abbreviated as FY. For example, when we refer to the financial year 2024-25, it means the period starting on April 1, 2024, and ending on March 31, 2025.
What is an assessment year?
On the other hand, the assessment year is the year in which the income earned during the financial year is assessed and taxed. The assessment year directly follows the financial year. It is commonly referred to as AY.
For instance, income earned in the financial year 2024-25 will be assessed for tax purposes in the assessment year 2025-26.
When can you start filing ITR for AY 2025-26?
The CBDT has already notified all seven forms of income tax returns—ITR-1 to ITR-7—for the financial year 2024-25. However, it has released online utilities for only ITR-1 and ITR-4; the rest of the utilities are yet to be released. Once the tax department releases the ITR utilities, you can start filing your ITR for FY 2024-25 (AY 2025-26).
ITR filing due dates for different categories of taxpayers for FY 2024-25 (AY 2025-26)
Typically, the last date to file an income tax return for taxpayers who do not require an audit is July 31. However, the Income Tax Department has extended the last date to file the income tax return without penalty to September 15, 2025, for FY 2024-25 (AY 2025-26).
For individuals, professionals, and businesses that require an audit, the last date to file the ITR for AY 2025-26 is October 31, 2025. For businesses requiring transfer pricing reports (in cases of international or specified domestic transactions), the deadline to file the ITR for FY 2024-25 will be November 30, 2025.
ITR filing due date: Can you file ITR if you miss the September 15, 2025, deadline?
Yes, you can file an income tax return if you miss the deadline of September 15, 2025, but it will be subject to penalties and interest. It is known as a belated income tax return because it is filed after the deadline. You can file a belated ITR by December 31, 2025. Till now, there has been no announcement regarding the extension of the belated ITR deadline.
Filing a belated ITR after the due date? Check penalties
When you file a belated return after the deadline of September 15, 2025, you will incur a penalty as mentioned below.
According to Section 234F:
1) A penalty of ₹5,000 will be levied if your total taxable income during the financial year exceeds ₹5 lakh.
2) A penalty of up to ₹1,000 will be levied if your total taxable income during the financial year is less than ₹5 lakh.
3) There will be no penalty if your total taxable income is below the basic exemption limit, which is ₹3 lakh in the new tax regime and ₹2.5 lakh in the old tax regime.
Also read : Can I file ITR for the last 3 years?
Missed ITR filing due date? Here are the consequences
If you fail to file your income tax return by September 15, 2025, for the financial year 2024-25, you will face the following consequences:
1) Interest for filing ITR after due date
You will have to pay simple interest at the rate of 1% per month (or part thereof) on the unpaid tax amount for filing ITR late under Section 234A. The interest is typically calculated from the due date of filing your ITR to the actual date of filing the tax return.
2) Late ITR filing penalty
As mentioned above, a penalty will be applicable if you file late.
3) No option to choose your tax regime
If you file your income tax return late, you will not have the option of choosing your preferred tax regime. The default regime will be the new tax regime, meaning you must file your income tax under this regime if you submit your return after September 15, 2025.
4) No option to carry forward your loss
If you have incurred losses from the stock market, mutual funds, or properties, you can typically carry those losses forward to offset against your income in subsequent years, reducing your future tax liability. However, if you do not file your ITR by the deadline, you cannot carry forward those losses.
Revised Return: What to do if you make a mistake while filing your ITR?
If you have already filed your income tax returns and made a mistake, you can revise it and file it again. It is referred to as a revised ITR. A revised ITR allows taxpayers to correct errors in the original return. The last date to file a revised return is December 31, 2025.
Let’s explain this with an example. Assume Akshat has filed his income tax return for the financial year 2024-25 on July 26, 2025. On October 4, 2025, he realised he forgot to claim a deduction in his ITR. Even though the deadline for filing ITR was September 15, 2025, he still has the option to revise his ITR until December 31, 2025.
Also read : 13 Income Tax Rule Changes in 2024 That Will Impact Your ITR Filing in 2025
Can I file my income tax return after December 31, 2025?
Yes, you can file your income tax return after December 31 using the updated ITR. However, you will be required to pay a penalty of up to Rs 5,000, and additional tax will be levied at 25%, 50%, 60%, or 70% of the due tax and interest, depending on whether the ITR-U is filed within 12, 24, 36, or 48 months from the end of the relevant assessment year. An Updated Income Tax Return (ITR-U) is a form that allows you to rectify errors or omissions and update your previous ITR.
Now you have clear ideas about ITR deadlines for FY 2024-25. But don’t wait till the last minute to file your ITR.
FAQ
What is the due date for filing an income tax return (ITR) for FY 2024-25?
The last date to file your income tax return is usually July 31. However, for the financial year 2024–25, the Income Tax Department has extended the ITR filing due date to September 15, 2025. For those taxpayers who do need to undergo an audit, the last date to file the ITR is October 31, 2025.
What happens if you do not file your income tax return by September 15, 2025?
Missing the ITR filing deadline can have serious consequences. You will incur penalties and interest and lose certain options, such as carrying forward your losses or choosing your tax regime.
Will you receive a timely refund if you file your ITR on time?
If you file your ITR late, your refund will also be delayed. It is best to file your ITR by the due date if you want to receive your refund on time.
Are both a penalty and interest imposed for the late filing of an income tax return?
For taxable income up to ₹5,00,000, a penalty of up to ₹1,000 may be applied. For taxable income exceeding ₹5,00,000, a penalty of ₹5,000 is applicable. Additionally, interest is charged at the rate of 1% per month or part thereof on any unpaid tax amount.
Can I choose my tax regime if I file my ITR after September 15, 2025?
No, you cannot choose your tax regime when filing your income tax return if you miss the deadline of September 15, 2025. Your default tax regime will be the new tax regime if you file your ITR after this date.
