According to Section 234F of the Income Tax Act, a taxpayer who fails to file the Income Tax Return (ITR) before the deadline may have to pay a late filing fee of up to ₹5,000.
For FY 2024–25 (AY 2025–26), the due date for taxpayers who are not required to undergo an audit is 16 September 2025.
If the total income is ₹5 lakh or less, the maximum penalty for late filing is restricted to ₹1,000.
Late Filing Fee Structure
| Annual Taxable Income | Late Filing Fee (Section 234F) |
|---|---|
| Up to ₹5 lakh | ₹1,000 |
| Above ₹5 lakh | ₹5,000 |
Interest Under Section 234A
If the return is filed after the due date, interest is applicable under Section 234A.
This interest is charged at 1% per month (or part of a month) on the outstanding tax amount until the return is filed.
Consequences of Late Filing
- Loss of ability to carry forward losses:
Losses such as business loss or capital loss cannot be carried forward if the return is filed after the deadline. - No option to choose the old tax regime:
Filing the return late automatically places the taxpayer under the new tax regime, and switching is not allowed. - Delay in receiving refunds:
Late filing often results in refunds being processed later than usual. - Impact on financial matters:
Late or non-filing can affect important processes such as loan applications and visa procedures, as financial compliance is often reviewed.
Revised Return Deadline
If the taxpayer makes a mistake in the original return, a revised return can be filed.
The deadline to submit a revised return is 31 December of the assessment year.
For FY 2024–25, the last date to revise the return is 31 December 2025.
Frequently Asked Questions (FAQs)
1. What happens if I miss the due date for filing my ITR?
You can still file a belated return, but you must pay the late filing fee and interest. Some benefits, such as carrying forward losses, will also be lost.
2. Can I file a belated return for any financial year?
A belated return can only be filed before 31 December of the assessment year or before the completion of assessment, whichever is earlier.
3. Will I get a refund if I file my return late?
Yes, but the processing may take longer, and you might lose interest on the refund for the delayed period.
4. Is the late filing penalty based on my income?
Yes. If your income is up to ₹5 lakh, the maximum penalty is ₹1,000. For incomes above ₹5 lakh, it is ₹5,000.
5. Do I need to pay interest even if I have already paid all my taxes?
If your total tax liability is paid before the due date (via TDS, advance tax, etc.), interest under Section 234A may not apply. It is charged only when there is unpaid tax at the time of filing.
6. Can I change my tax regime after filing a belated return?
No. For belated returns, regime switching is not allowed, and you must follow the new tax regime.
7. What if I filed my return on time but later found mistakes?
You can file a revised return before 31 December of the assessment year.
8. Can late filing affect my financial profile?
Yes. Banks and institutions often check ITR filings for loans, credit cards, or visa processing. Late or missing returns may negatively impact eligibility.
9. Is it mandatory to file an ITR even if my income is below the taxable limit?
Not mandatory in most cases, but recommended if you need financial documentation, want to claim refunds, or meet specific reporting requirements.
