The last date for filing ITI for the financial year 2024-25 and assessment year 2025-26 is 31st July 2025. This date is mandatory for those taxpayers whose accounts are not required to be audited. These include salaried persons, small businessmen etc.
It is mandatory for all taxpayers to file Income Tax Return (ITR). Those who miss the last date for filing ITR have to pay a penalty later. Income tax return filing for the financial year 2024-25 has started. You can also avoid penalty by filing your return before the last date.
Last date for filing ITR 2025
The last date for filing ITI for the financial year 2024-25 and assessment year 2025-26 is 31 July 2025. This date is mandatory for those taxpayers whose accounts are not required to be audited. These include salaried persons, small businessmen etc. Apart from this, for such professionals or businesses whose accounts are required to be audited, the last date for filing income tax return is 31 October 2025.
Penalty for not filing ITR on time
If you are a salaried person or run a small business, then you must file your income tax return by 31 July 2025. If you miss the last date for filing ITR, then you will have to pay a penalty of up to Rs 5,000 under section 234F of the Income Tax Act, 1961. For those whose income is less than Rs 5 lakh, the amount of deposit is limited to Rs 1000.
Loss due to late filing of income tax return
If you delay filing income tax returns, you will have to face many disadvantages.
1. You may have to pay 1% monthly interest on tax under section 234A.
2. Those who do not file income tax returns on time do not have the benefit of adjusting losses in the next years.
3. Filing a late return may also delay getting a refund.
Benefits of filing income tax returns on time
If you file income tax return on time, then it will give you many benefits such as –
1. By filing income tax return on time, you will avoid a penalty of up to Rs 5000.
2. The sooner you file income tax return, the sooner the refund is processed.
