As the new financial year 2024-25 progresses, salaried individuals, freelancers, professionals, and business owners are now looking ahead to the most crucial tax event of the year—filing their Income Tax Return (ITR). The Income Tax Department has already activated the online filing portal for FY 2024-25 (Assessment Year 2025-26), and every taxpayer needs to stay aware of the last date to file the ITR. Missing this deadline can result in unnecessary fines, penalties, and even legal trouble in some cases.
When is the Last Date to File Income Tax Return for FY 2024-25?
The official last date to file Income Tax Return (ITR) for individuals and most salaried taxpayers for FY 2024-25 is 31st July 2025. This deadline is applicable to those whose accounts do not require auditing under the Income Tax Act.
However, businesses or professionals whose accounts need to be audited have a different deadline—31st October 2025. Taxpayers who are required to submit a Transfer Pricing report have until 30th November 2025.
It is essential to note that these are the due dates unless the government announces any extensions, which it sometimes does in case of system delays or other extraordinary events. But as of now, everyone should aim to complete their tax filing before these dates.
Who Needs to File Income Tax Returns?
Every Indian citizen whose total income during the financial year exceeds the basic exemption limit must file their income tax return. As per the current tax slabs:
- For individuals below 60 years: Exemption limit is Rs.2.5 lakh
- For senior citizens (60 to 80 years): Exemption limit is Rs.3 lakh
- For super senior citizens (above 80 years): Exemption limit is Rs.5 lakh
Even if your income is below these limits, it is often advised to file ITR for record-keeping, loan applications, visa processes, and to claim TDS refunds, if any.
Consequences of Missing the ITR Deadline
Filing ITR after the due date comes with several financial and legal consequences:
1. Late Filing Penalty
Under Section 234F of the Income Tax Act, a late filing fee of up to Rs.5,000 can be imposed. However, if your income is less than Rs.5 lakh, the penalty may be limited to Rs.1,000.
2. Interest on Tax Due
If you have any unpaid tax amount and you miss the deadline, interest under Sections 234A, 234B, and 234C is applicable. These interest charges can increase your tax liability significantly.
3. No Carry Forward of Losses
If you file ITR after the deadline, you lose the benefit of carrying forward certain losses like capital gains or business losses to future years.
4. Refund Delays
If you’re eligible for a tax refund and file late, the processing of your refund will also be delayed, leading to unnecessary financial inconvenience.
5. Legal Trouble
For willful defaulters or those with high income who ignore filing completely, prosecution and heavy fines are also possible under the Income Tax Act.
Benefits of Filing ITR Before the Deadline
Filing your ITR on time not only saves you from penalties but also comes with several advantages that are often overlooked:
1. Easy Loan Approvals
Banks ask for ITR copies while processing home loans, car loans, or business loans. Filing on time improves your credibility.
2. Quick Visa Processing
For those planning to travel abroad, embassies often require ITRs of the past 2–3 years as proof of financial stability.
3. Claiming Refunds
Many salaried individuals face TDS deductions even when their total income is below the exemption limit. Filing ITR allows them to claim this money back.
4. Proof of Income
In the absence of salary slips or formal business accounts, ITR becomes your official proof of income in the eyes of the government and financial institutions.
Which ITR Form Should You Use?
Choosing the right form is crucial for smooth and accurate filing. Here’s a quick idea:
- ITR-1 (Sahaj): For salaried individuals and pensioners having total income up to Rs.50 lakh
- ITR-2: For those having capital gains or income from multiple properties
- ITR-3: For professionals and business owners
- ITR-4 (Sugam): For individuals and firms under the presumptive taxation scheme
The selection of the correct form depends on your income type and sources. The Income Tax portal usually guides you to the correct form based on your responses.
Key Things to Keep Ready Before Filing
To file your ITR smoothly, ensure you have these documents and details prepared:
- PAN and Aadhaar
- Form 16 from your employer
- Bank account details
- TDS certificates (Form 16A)
- Form 26AS (available on TRACES website)
- Details of investments made for tax deduction
- Capital gains statement (if applicable)
- Business income details (if any)
Keeping all these details handy will help you avoid errors and reduce the time taken to file the return.
E-Filing Your ITR: A Quick Guide
Filing your income tax return online has become very simple and user-friendly. Here’s how you can do it in a few steps:
- Visit the official Income Tax e-filing portal: https://www.incometax.gov.in
- Log in using your PAN (used as User ID)
- Navigate to ‘e-File’ section > ‘File Income Tax Return’
- Choose the relevant Assessment Year (2025-26)
- Select the mode: Online or Offline
- Choose your applicable ITR form
- Fill the required details, upload documents (if needed)
- Validate and preview your return
- Submit the return and e-verify using Aadhaar OTP, bank EVC, or DSC
After successful submission, always download the acknowledgement (ITR-V) for your records.
What If You Still Miss the Deadline?
If you somehow miss the 31st July 2025 deadline, you can still file a belated return before 31st December 2025. However, as mentioned earlier, penalties and other disadvantages will still apply.
In some cases, if there is a genuine reason like a medical emergency or an unavoidable situation, the Income Tax Department may allow a condonation request, but this is rare and not guaranteed.
