ITR Late Fee Charges: Today is the last day to file the Income Tax Return (ITR). Every time the date for this is 31st July. But this time the government has extended this deadline to 15th September. It has also been made clear that this is the last date. Meaning, do not expect this deadline to be extended now. This deadline is for those taxpayers who do not need an audit. Therefore, if you have not filed your ITR till now, then do not let this opportunity go; otherwise, you will have to pay a penalty for this. Know how much penalty you will have to pay for this.

A penalty will be imposed for missing the deadline.
If you file ITR after today, i.e., 15th September, then you will have to pay a late fee under section 234F.
If your annual income is more than Rs 5 lakh, then a fine of Rs 5,000 will be imposed.
If the income is less than Rs 5 lakh, then the penalty will be up to Rs 1,000.

You can file late or revised returns till 31 December 2025. After this, you will be able to file only ITR-U (Updated Return) till 31 March 2030, but for this, you will have to pay additional tax and interest.

Interest will also have to be paid on outstanding tax.

If you have tax due and you do not file the return on time, then interest will be charged on it under section 234A. 1% simple interest will be charged on outstanding tax for every month or any part of the month. This interest will be charged from the last date of filing the return, i.e., 15 September 2025, to the day you file it.

Will not be able to carry forward the loss

You can adjust the loss on investment in the income of the next financial year, which reduces the tax burden. But if you do not file ITR before the deadline, then you will lose this benefit. Stock market, mutual fund, or business losses will not be able to be adjusted next year. Yes, but the loss from house property will be allowed to be carried forward.

There is also a risk of jail and a penalty.
Not filing returns on time can lead to not only penalty and interest but also legal action.
If you have tax dues of more than Rs 25,000, then you can be jailed for 6 months to 7 years and fined.
If the outstanding tax is less than Rs 25,000, then the punishment can be from 3 months to 2 years.

Effect of late filing on credit score

The effect of not filing ITR on time is not limited to tax only. It can also affect your financial record. Many banks check the previous ITR in loan processing. Late filing can weaken your credit profile and may cause difficulty in getting a loan.

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