Income Tax Return: Why You Must File ITR FY2024-25 By September 15? Penalty & Consequences Explained
Income Tax Return Due Date: Missing the September 15 deadline can cost you in the form of penalties, delayed refunds and loss of tax benefits.
The due date for filing non-audit income tax returns (ITR) is September 15. Missing this deadline can cost you in the form of penalties, delayed refunds and loss of tax benefits. Though there have been demands for extending the ITR filing 2025 deadline, there is no official word from the government yet. Tax experts advise taxpayers to file ITR well within the September 15 deadline. Here’s what happens when you miss the deadline:
Who Needs to File by September 15?
Recommended Stories
Usually, the ITR filing deadline every year is July 31. However, as the income tax department released the ITR forms late due to various changes in the forms, the government extended the deadline till September 15. Now, the deadline is September 15, 2025, for non-audit taxpayers, including most salaried individuals, pensioners, NRIs, and those whose accounts do not require audit.
Businesses and professionals required to undergo tax audit must submit their audit reports by September 30, 2025, and file their ITR by October 31, 2025.
For taxpayers who need to provide a transfer pricing report (due to international or specified domestic transactions), the deadline to file the ITR is November 30, 2025.
What If You Miss the Deadline?
Filing after the due date has several downsides:
Late Fee: Under Section 234F, a penalty of Rs 5,000 applies if you file after September 15 but before December 31. For those with an income below Rs 5 lakh, the fine is capped at Rs 1,000.
Interest on Tax: If you still have unpaid tax, interest at 1% per month becomes payable under Sections 234A, 234B and 234C.
Loss of Carry-Forward Benefits: Losses from business, trading or property cannot be carried forward if the return is filed after late.
Refund Delays: Those expecting refunds will have to wait longer.
Department Scrutiny: Non-compliance can invite notices and tighter checks from the income tax department.
Why It’s Better to File Early
Filing well before the deadline saves you from the last-minute rush when the income tax portal often slows down due to heavy traffic. Early filers also get their refunds processed faster and avoid the stress of sudden compliance issues.
About the Author
