Key Deadline for ITR Filing

• For Individuals and Hindu Undivided Families (HUFs) that are required to be audited, the due date is July 31, 2025.
• For those who are not subject to audit, the ITR due date is October 31, 2025.
• The belated returns can be filed until December 31, 2025. However, you will need to pay interest and penalties for the same.

Who is Required to File an ITR?

The following taxpayers are required to file ITR:

• Individuals: if your total income is more than the basic exemption limit, then it is mandatory for you to file ITR.
• Companies: All companies need to file an ITR, no matter if they earn a profit or incur a loss.
• Businesses and Professionals: If you are running a business or you are a professional, then you must file ITR, especially if you are choosing presumptive taxation.
• HUFs, AOPs and BOIs: all the Hindu Undivided Families, Association of Persons and Body of Individuals must file ITR if their gross income is more than the exemption limit.
• Taxpayers (Audit): Those taxpayers that are required to be audited or are engaged in foreign transactions must file ITR.

Penalties for Missing the ITR Deadline

If you do not file the ITR before its due date, then you might have to face major penalties. This includes interest rate charges at 1% per month on the unpaid tax. Also, if your total income is below Rs. 5 lakh, a Rs. 1000 penalty is levied for filing ITR after the due date but before December 31. On the other hand, this penalty is Rs. 5,000 if your total income is more than Rs. 5 lakh.

Taxpayers can file their ITR through the Income Tax Department’s e-filing portal. You can get the necessary tools and instructions for ITR submission on the e-filing portal. Make sure you file your ITR before the due date to avoid penalties and interest.