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.

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You may find filing Income Tax Returns complicated, but by avoiding some common mistakes you can make the process easier and ensure that you get your due refund. However, some mistakes may occur inadvertently while filing ITR. These mistakes can cost you dearly. In such a situation, you should be careful while filing income tax return.

Filing your ITR is important for many reasons. Mainly it fulfills a legal obligation under the Income Tax Act. Along with following the tax laws and regulations, the government gets information about your income from different sources through ITR. It gives you an opportunity for financial planning and ITR is also an important document for loan or visa applicants.

Do not make these 10 mistakes while filing ITR-

Incorrect personal information – While filing your ITR form, ensure that all the information like name, PAN, address and bank account details are filled correctly in the form.

Choosing the wrong ITR form – Choose the right ITR form based on your income sources and your type of income. Filling wrong forms may result in fine.

Not giving complete information about your income – Provide information about income from all sources of income including salary, interest income, rent income, capital gains in your ITR. Failure to report all income sources may result in penalties.

Ignoring TDS credit– Must show the TDS details in ITR from Form 16/16A issued by your employer or deductor. Failure to provide correct information may result in notice and fine.

Incomplete information about investments and deductions– Correctly declare all investments, expenses and deductions to claim eligible tax benefits under Section 80C, 80D, 80G of the Income Tax Act.

Hiding interest income – Correct information about interest earned from savings accounts, FD or other sources should be given. Failure to do so may result in a fine.

Form 26AS not matching – Cross-check the statements in your ITR with Form 26AS. It contains details of your TDS, tax payment and other income tax related information.

Not filing ITR on time – This is a very important thing. Do not wait till the last moment of the last date to file ITR. Late filing of ITR may result in penalty.

Not verifying ITR – After filing ITR online, it is necessary to verify it electronically through Aadhaar OTP, NetBanking etc. or by sending a physical copy with your signature to the Income Tax Department within the stipulated time. If verification is not done, ITR filing becomes invalid.

Not maintaining necessary records – Maintain records of all documents, receipts and evidence related to your income, investments and tax deductions, as these may be required for verification or in case of any tax investigation in future.

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