ITR Filing: One of the biggest disadvantages of filing returns late is that the exemption facility also ends. This provision comes under section 139 (1) of the Income Tax Act.

ITR Filing: It is necessary for every taxpayer in India to file their income tax return (ITR) on time. For this, the government sets a deadline every year. This year the deadline for non-audit taxpayers is 15 September i.e., today. That is, taxpayers who do not need to get their accounts audited will have to file their ITR for FY 2024-25 today.

Now the question arises that what will happen if you miss this deadline? Taxpayers are often confused about what the consequences will be of filing returns after the deadline has passed? Today we are going to give you information about this.

Will you be able to file returns after September 15?

The answer is yes, you can still file your ITR late, but before doing so you need to understand some of the conditions, penalties and restrictions. Of course, taxpayers can file their ITR even after the due date. The Income Tax Department gives this option so that those who have missed the deadline can also get a chance to give information about their income and pay taxes correctly. However, there are some disadvantages of late ITR filing.

Penalty for filing late return

If you miss the deadline, you may have to pay a penalty under section 234F of the Income Tax Act.

If your total income is more than Rs 5 lakh, the penalty can be up to Rs 5,000.

If the income is less than Rs 5 lakh, the penalty is Rs 1,000.

This penalty is imposed when you file your delayed return. Apart from the penalty, you will also have to pay interest on the outstanding tax amount. It is levied under section 234A. It is usually calculated at the rate of 1% per month from the due date of filing the return to the date of actual filing and payment.

No exemption will be available

One of the biggest disadvantages of filing a return late is that the exemption facility also ends. This provision comes under section 139 (1) of the Income Tax Act. If you miss the deadline, you cannot carry forward the losses (such as business loss, capital loss, etc.). This means that you lose the opportunity to save tax in the coming years by adjusting the earlier loss.

Deadline for filing late return

You can file your ITR till December 31, 2025. After this date, you cannot file your ITR at all for that assessment year. That is, you can submit the return late, but too much delay is not appropriate.