Missed ITR Deadlines Could Cost You Big: Know These Key Dates for FY 2024–25

The income tax filing season is approaching, and it’s crucial for taxpayers to stay informed about the key deadlines to avoid penalties and extra charges. Whether you're a salaried individual, a business owner, or someone requiring an audit, missing these dates could cost you more than just peace of mind.

1.15th September 2025 – For Salaried Individuals and Non-Audit Case

This is the last date to file your Income Tax Return (ITR) if you’re a salaried individual or if your case doesn’t require an audit for the financial year 2024–25.

What happens if you miss it?

You still have time until 31st December 2025 to file a belated return, but there are consequences:

• Penalty: ₹1,000 if your income is below ₹5 lakh, or ₹5,000 if it exceeds ₹5 lakh.
• Interest: 1% per month on any unpaid tax.

2. 31st October 2025 – For Cases Requiring Audit

If your financial records need auditing (typically businesses or professionals with higher turnovers), your due date is 31st October 2025.

Missed it?

You can still file a belated return by 31st December 2025, but:

• You’ll face the same penalties as mentioned above.
• An additional penalty of ₹1.5 lakh or 0.5% of turnover (whichever is lower) may apply.

3. 31st December 2025 – Final Deadline to Revise or File Belated Return

If you missed the earlier deadlines (15th Sept or 31st Oct), this is your last chance to revise or file a belated return.

Miss this too?

You’ll have to file an updated return, which comes with significantly higher additional taxes:

• 25% extra tax if filed in the 1st year
• 50% in the 2nd year
• 60% in the 3rd year
• 70% in the 4th year

The last date to file an updated return for FY 2024–25 is 31st March 2030. But remember, the longer you wait, the more you pay.

To avoid these penalties and interest, file your returns on time and keep your financial documents ready. Planning ahead can save you from unnecessary stress and financial loss.