What is the deadline for filing an ITR?
The deadline for non-audit taxpayers to file their ITRs for the Fiscal Year 2024–2025 (AY 2025–2026) is July 31, 2025. You can still file a belated return by December 31, 2025, even if you miss the deadline. [1]
What does a belated return mean?
There is no need to panic if you have missed the income tax return filing date. Even though there will be a penalty, you can still choose to file your taxes beyond the deadline.
A return that is filed after the deadline, which is July 31 of the assessment year, but before December 31 of the same year is referred to as a belated return. Even if there are repercussions for late submission, it's still preferable than possible fines for non-compliance. [2]
Implications of Not Meeting the ITR Submission Deadline
Interest
According to Section 234A, you will be required to pay interest on the outstanding tax amount at the rate of 1% every month or part-month if you file your return after the deadline. This interest will be calculated from the due date applicable for filing of return of the relevant financial year till the date that you actually file your return. [5]
Late charge
For gross total income above Rs. 5 Lakh a late fee of Rs. 5,000 is levied under Section 234F; if your total income is less than Rs. 5 lakh, the fee is reduced to Rs. 1,000.[2]
Adjustment for Loss
If you've incurred losses, such as business or capital losses, they cannot be carried forward or set off in future years. However, an exception applies to losses from house property, which can still be carried forward even if you file your returns late. But do note that the deductions and exemptions under sections 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID, and 80-IE will not be available if you miss the ITR filing deadline. These tax-saving benefits apply only when the ITR is filed before the original due date. [2]
What Happens If You Don't File Your ITR?
A belated return
You can file a return after the deadline, known as a delayed return, if you miss the ITR filing deadline. You will not be able to carry forward any losses for future adjustments, but exception is available for losses from house properties that could be carried forward even if you file your returns late.
But you will still be responsible for paying the late fee and penalty. Unless the government extends it, the deadline for submitting a belated return is December 31 of the assessment year.
[2] How to Reduce Taxes If You Miss the Deadline for Submitting Income Tax Proofs
At the time of e-filing, you can claim the exemptions and deductions that your employer would have provided on your Form 16 if the supporting documentation had been supplied. [3]
Let's examine the exemptions and deductions that you are eligible to claim despite the fact that your employer's tax proof filing date has passed: [3]
Make Use of the HRA Exemption on Your Return
When you file your return, you can claim a deduction on the House Rent Allowance if you live on rent and have paid your rent. You need to submit your rent receipts and your landlord's PAN. Your landlord’s PAN is required if you pay more than Rs 1,00,000 in rent annually. [3]
Section 80C Deductions
You can lower your taxable income by Rs 1,50,000 under Section 80C. If you were unable to provide your employer with the specifics of your Section 80C deductions on time, you may still claim them on your income tax return. Although they are not shown on your Form 16 because you were unable to notify your employer, you can still claim them when completing your returns. Alternatively, you might have made those investments after the employer's deadline for submitting proof (although you make investments for deductions before 31st March of the fiscal year). [3]
Conclusion
It's still possible to submit proof of income tax after the deadline. Even so, there can be fines and limitations for filing a late return. When e-filing, take use of the allowed deductions to reduce your tax liability. Keeping accurate records and staying informed about deadlines might help you prevent last-minute problems.
FAQs
Can you submit investment proofs while filing your returns?
If you missed submitting some investment proofs to your employer in Form 12BB you may declare them while filing your tax return. You may also be eligible to claim a tax refund after that.
What would happen if I didn't give my employer the documentation of tax-saving investments by the deadline?
Missing the deadline will result in larger tax deductions from your paycheque since your company will compute TDS without taking your tax-saving investments into account. When you file your ITR, you can, nevertheless, claim these deductions and get a refund for the extra tax you paid. [3]
Even if I didn't provide my employer with documentation, can I still claim deductions under Section 80C?
Yes, even if you didn't give your employer the supporting documentation, you can still claim deductions under Section 80C [D13] (up to ₹1.5 lakh) when filing your ITR. You should have the required details and documentation handy for e filing and claiming.. [3]
What should be considered while submitting a late ITR?
You must complete and submit the relevant Income Tax Return form that was announced for the assessment year if you are completing your ITR after the deadline. The year that immediately follows a fiscal year is the pertinent assessment year. [4]
If I miss the first deadline, when may I file a belated ITR?
You have until December 31 of the assessment year to file a belated ITR if you miss the normal deadline, which is often July 31. For example, the belated ITR for the fiscal year 2023–2024 (assessment year 2024–25) may be submitted up until December 31, 2024. [4]
Does submitting an ITR after the deadline result in penalties?
Yes, there is a ₹5,000 late filing fee for filing an ITR beyond the deadline if your gross total income is above Rs 5 Lakhs and a late fee of Rs 1,000 if your gross total income is below Rs 5 Lakhs. . Interest may also be assessed on any outstanding tax obligations. To avoid these fines, it is best to file your ITR by the deadline. [4]
Does the company confirm the information included in the investment declaration?
Yes, it is the company's duty to verify and examine the accuracy of the documents that the employee has uploaded. Thus one should upload only valid document, submission of fraudulent document could invite disciplinary action from your employer. [3]
What occurs if investment proofs are not submitted?
Your employer will take this deduction into consideration and you will be levied with a greater TDS deduction if you don't provide documentation to them before the year-end deadline. You could still claim a good number of them, though, when you filed your taxes. [3]
What advantages are lost when submitting an ITR after the deadline?
An individual will have to forfeit other perks in addition to paying a late filing fee of up to Rs 5,000. If an individual files a belated ITR after missing the deadline, they will not be able to carry forward losses (with the exception of losses under the heading of "Income from House Property").[4]
If I forget to provide my employer my rent receipts, can I still claim an HRA exemption?
It is possible to claim the House Rent Allowance (HRA) exemption on your tax return. Rent receipts and your landlord's PAN are required. Your landlord’s PAN is required if the rent exceeds ₹1,00,000 per year. [3]
References:
[1] https://cleartax.in/s/due-date-tax-filing
[2] https://cleartax.in/s/how-to-file-income-tax-return-for-last-years
[3] https://cleartax.in/s/missed-income-tax-proof-submission-deadline
[4]https://economictimes.indiatimes.com/wealth/tax/what-to-do-if-you-have-missed-income-tax-return-filing-deadline/articleshow/92693945.cms
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