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

Filing taxes has been made easier with the availability of a wide range of services. These include conventional chartered accountants or the online platforms offering tax filing services. A third option is also gaining popularity when it comes to handling finances: the use of artificial intelligence (AI) tools.

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Generally, it takes around four to five weeks for tax refunds, if any, to be credited to the account of the taxpayer after the ITR filing. For FY25, the ITR filing deadline for taxpayers who don’t need a tax audit has been extended to Sept. 16.

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. Then CBDT extended the dealine again to Sep. 16 after many tax filers companied about Income tax website not working due to glitches

1. If the Income Tax Return is not filed by Sept. 15, a late fee of up to Rs 5,000 may be levied. However, for taxpayers with a total income below Rs 5 lakh, the penalty is limited to Rs 1,000.

2. Taxpayers who miss the deadline will be liable to pay interest at 1% per month (or part thereof) on any unpaid tax amount until they file their return after missing the deadline.

3. Filing after the due date may lead to the loss of certain benefits, such as the ability to carry forward losses (except house property losses) and claim specific deductions under the Income Tax Act, 1961.

4. If a taxpayer fails to file their return despite having taxable income, they may face a penalty of up to 50% of the tax avoided, under the provisions of Section 270A for under-reporting or misreporting of income.

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.