Last date to file ITR missed? What will happen now? Learn how much penalty will be fined and what are the rules

New Delhi: The last date to file income tax return (ITR) is not less than a final exam. The deadline of September 15 was for the taxpayers whose accounts are required to have an audit, such as companies and professionals. But what if you have missed this last chance in a hurry or for some other reason?

Before getting nervous, understand that everything is not over yet. You still have a chance to file returns, but now it will be a bit expensive to you. If you did not file an ITR on time, then the rules of the Income Tax Department will apply to you. Let us know what results you may have to suffer now.

1. Late fee (fine) is sure to be charged

The first and direct effect of this will have on your pocket. If you file an ITR after the time limit, it is called ‘Belted ITR’ and you will have to pay a compulsory delay fee on it. The fine is imposed under Section 234F of the Income Tax Act.

• What will be the fine?:
  • If your total income is more than ₹ 5 lakh, then you have to pay a fine of ₹ 5,000.
  • If your income is ₹ 5 lakh or less, then the fine will be ₹ 1,000.
  • If your income exemption is less than the limit (₹ 2.5 lakh), then no delay fee will be charged from you.

2. To repay ‘interest on interest’

If you had a tax outstanding and you have not deposited it for a time limit, now you will also have to pay huge interest on it.

• How will interest be charged?: Under Section 234A, your outstanding tax amount will be charged at the rate of 1% per month. This interest will start from the next day of the time limit and will remain till the day of your ITR filing. The more you delay, the more interest will increase.

3. You will not be able to take advantage of loss (loss)

This is a huge disadvantage, especially for those who trade in the stock market. If you have suffered any loss in business or have been missing the time limit, and you have missed the deadline, then you will not be able to accommodate this loss from next year’s profit (set of and carry forward). You can only carry forward the damage caused by home property.

4. Refund will be delayed, and that too without interest

If your TDS was more cut and you had to withdraw money from the government, then it will be delayed. The first department will process the bills bill. Worse is that you will not get any interest from the government on your refund, which is available on time.

What should you do now?

File your bile ITR as soon as possible. You can file it by 31 December, 2025. But the longer the burden of interest and other losses will increase. Therefore, without any delay, file your return immediately by paying late fees.