ITR Filing 2025 LIVE Updates: Last Day To File ITR Today After One Day Extension

Failing to file your return on time means you lose the ability to carry forward most losses, such as those from business or capital gains, to future years. The only exception is losses from house property, which can still be carried forward even if the return is filed late.

The Sept. 16 deadline applies to individuals, Hindu Undivided Families (HUFs) and entities not subject to tax audit. This includes salaried individuals, pensioners, landlords and investors with capital gains, and small businesses or professionals opting for the presumptive taxation scheme (Sections 44AD, 44ADA, 44AE).

As the deadline for Income Tax Return filing for financial year 2024–25 and AY 2025–26 is approaching fast, many taxpayers with income from multiple sources could be facing difficulty due to the complexity of tax computation.

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

Read more about it here

Taxpayers on social media platform X are still complaining of glitches in the income tax e-filing portal while filing their returns. One user wrote, "No benefit of extending the deadline. Please extend it further."

Taxpayers who fail to file by Sep. 16 risk penalties of up to Rs 5,000 (capped at Rs 1,000 for individuals with income up to Rs 5 lakh), interest on outstanding tax dues, and delays in refund processing.