ITR Filing Deadline: Last Date to File ITR is Today; What happens if You miss it?

The financial year 2024-25 of FY25 is coming to an end, and one of the most important components of this development is taxation, specifically income tax returns (ITR).

The deadline for filing Income Tax Returns for the assessment year 2024-25 was extended to Wednesday, 15th January.

Therefore, the last day to file your ITR is today. This belated filing deadline was met after two extensions. The original ‘deadline’ for ITR submission was July 31, 2024. Before this, the last deadline to file revised/ belated ITR was December 31, 2024.

This extension occurred only when the Bombay High Court intervened, providing taxpayers with provisional relief.

Those who missed the original deadline of July 31, 2024, can still file their taxes, but there’s a catch. This transaction carries certain late fees.

Taxpayers who are having an income of up to Rs. 5 lakh would pay an additional Rs. 1,000 as a late fee out of their own pockets. The late fee for persons with an income of more than Rs. 5 lakh is Rs. 5,000.

What Happens If You Miss this Deadline?

What happens if you don’t file your tax returns today, with no additional extensions expected?

Taxpayers who fail to file their ITRs by the latest deadline may receive notices from the Income Tax Department for non filing of ITRs.

Last chance to claim Income Tax Refund for FY 2023-24

In case you missed filing a revised/belated return, you can still File ITR-U in case you need to disclose additional Income, but you will not be able to claim the Income Tax Refund, if any.