When it comes to filing Income Tax Returns (ITR), most people assume that the due date is also the last date. But is that really true? In reality, the “due date” and the “last date” are two different things. Knowing the difference is important because it can directly affect your pocket in terms of penalties, interest, and tax benefits. Here’s how.
Difference Between Due Date and Last Date
There are two important dates for filing ITR — the due date and the last date.
- Due Date: The date by which you should file your tax return on time without paying any penalty.
- Last Date: The final date till which you can file a belated return with a late fee. After this, there is no option to file a return.
For the financial year 2024–25 (assessment year 2025–26), the due date to file ITR was 31 July 2025, which has already been extended to 15 September 2025. If you miss this deadline, you can still file a belated return with a late fee until 31 December 2025. Once this date passes, the only option left is to file an updated return under certain conditions.
Also Read: Excel Utility for ITR-2 and ITR-3 Released, Making ITR Filing Easier for Taxpayers
Why Should You File Before 15 September?
Missing the 15 September 2025 deadline can lead to several losses:
- Loss Carry Forward Restriction: If you have shown a loss this year (for example, a loss in the stock market) and want to carry it forward to set off against future profits, you will lose this benefit.
- Interest and Late Fee: If you haven’t paid your advance tax on time, you will have to pay interest. Even senior citizens, who are generally exempt from paying advance tax, may have to pay interest if they file after 15 September.
- Reduced Refund Interest: If you are eligible for a tax refund, filing late can reduce the interest you receive on that refund.
Late Fee After Due Date
- If your total taxable income is more than ₹5 lakh, you will have to pay a late fee of up to ₹5,000.
- If your income is less than ₹5 lakh, the late fee will be up to ₹1,000.
The Bottom Line
It’s best to file your ITR before 15 September 2025 to avoid penalties, interest, or loss of tax benefits. And remember — after filing your return, don’t forget to verify it. Otherwise, all your effort will go to waste.