KEY HIGHLIGHTS
ITR Last Date: Interest On Tax Due And Prosecution Risk
If you owe taxes and fail to file the return, interest will be levied on the unpaid tax amount under Section 234A of the I-T Act. A simple interest of 1% per month (or part of a month) will be charged on the unpaid tax, calculated from the return filing due date until the actual filing date.
If you deliberately fail to file your ITR despite receiving notices from the Income Tax Department, the assessing officer can initiate prosecution proceedings. This may lead to imprisonment ranging from three months to two years, along with a fine. If the unpaid tax amount is substantial, the jail term can extend up to seven years.
ITR Last Date: What's The Penalty For A Missed Deadline?
If one fails to file the ITR by the due date, then they could face a penalty under Section 234F of the Income Tax Act, 1961. A delay could attract a late fee of Rs 5,000.
However, if the total income is below Rs 5 lakh, the penalty is limited to Rs 1,000. It’s advisable to file your ITR within the due date and avoid the penalties.
ITR Last Date: Multiple Income Sources
The income from multiple sources, such as investments, capital gains, rental properties and multiple employers, should be declared properly in the ITR filing to avoid notices and penalties.
For taxpayers with multiple sources of income, it’s advisable to declare all income sources and amounts clearly in the ITR form. It’s also necessary to submit relevant documents where needed.
IT Return Filing: What If Today's Deadline Is Missed
Earlier, the Central Board of Direct Taxes (CBDT) had extended the original July 31 deadline to Sept. 15 due to changes in ITR forms and Excel utilities. But with just hours left, many are still facing challenges in completing their income tax filing.
If a taxpayer misses the ITR deadline and fails to report the income within the stipulated time, they are likely to face penalties. The Income Tax Department allows taxpayers to file belated returns, but it may come with additional fines.
ITR Last Date: Using AI Tax Advisors To File Returns
Many people prefer to use free chatbots such as ChatGPT to seek investment advice and simplify their ITR and other financial processes.
These AI-powered tax advisors can help in understanding deductions, investment declarations and help guide you through the ITR process quickly.
This said, its best not to rely on AI today given the high traffic on the tax portal may delay the process or cause glitches.
ITR Deadline Today: What Is Advance Tax
Simply put, anyone who has an income, where tax is not deducted at the source, is liable to pay advance tax.
It has to be paid if the tax on the income earned exceeds Rs 10,000, after deducting the tax that was already paid at source. Advance tax is the amount of income tax that should be paid in four quarterly instalments for any external income that is not taxed at the source.
It’s a 'pay-as-you-earn' system that breaks up the tax flow evenly throughout the year, into four quarterly payments.
ITR Last Date: Multiple Income Sources
The income from multiple sources, such as investments, capital gains, rental properties and multiple employers, should be declared properly in the ITR filing to avoid notices and penalties.
For taxpayers with multiple sources of income, it’s advisable to declare all income sources and amounts clearly in the ITR form. It’s also necessary to submit relevant documents where needed.
ITR Last Date: What's The Penalty For A Missed Deadline?
If one fails to file the ITR by the due date, then they could face a penalty under Section 234F of the Income Tax Act, 1961. A delay could attract a late fee of Rs 5,000.
However, if the total income is below Rs 5 lakh, the penalty is limited to Rs 1,000. It’s advisable to file your ITR within the due date and avoid the penalties.
Income Tax Filing Last Date: Who All Need To File ITR?
Filing an ITR is an important responsibility for taxpayers in India. The Income Tax Act requires certain individuals and businesses to file returns based on their income and financial activities. It also helps with tax refunds, maintaining financial records, and getting loans or visas.
The government has increased the Section 87A rebate limit from Rs 7 lakh to Rs 12 lakh, effectively making annual incomes up to Rs 12.75 lakh tax-free for salaried individuals. The revision includes a Rs 75,000 standard deduction.
ITR Filing 2025: Step-By-Step Guide To Filing Returns
The full process from downloading the Excel to declaration and validation and verification is a ten-step process. One needs to start by gathering all the relevant documents. One needs to then check thier Form 26AS and AIS.
The correct ITR form needs to selected, and then the taxpayer needs to reconcile their bank and investment accounts. Additionally, they need to also report exempt income before verifing tax deductions and claim them. One can then, file and e-verify their returns.
ITR Filing 2025: Mistakes To Avoid While Filing Returns
While e-filing has made the process simpler, there are times taxpayers end up making mistakes that could lead to penalties, scrutiny, or delayed refunds. In some cases, you may even receive a notice from the Income Tax Department for any errors in your ITR submission.
Here are five mistakes you cannot afford to make while filing your ITR.
ITR Deadline 2025: Deadline Today, No Extension
The Income Tax Department clarified on Monday that deadline for filing income tax returns or ITRs is September 15, 2025. With this, the taxpayers now have less than 24 hours to file their ITRs.
The clarification came on the back of fake news that the due date was extended further. Read the full story here.
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