If you didn’t file your Income Tax Return (ITR) for the financial year 2024-25 (assessment year 2024-25) by the original deadline, there’s no need to panic. The Income Tax Department provides an opportunity to file a belated or revised ITR by December 31, 2025. However, missing this extended deadline could lead to limited options and significant penalties. Let’s break down the details to help you act promptly.
What is a Belated ITR?
A belated ITR, filed under Section 139(4) of the Income Tax Act, allows taxpayers to file their returns after the original deadlines. These deadlines depend on the type of taxpayer:
- July 31, 2025: For individuals and entities without an audit requirement.
- October 31, 2025 (May be extended to November , 2025): For taxpayers requiring an audit.
- November 30, 2025 (extended to December 15, 2025): For businesses with international transactions.
Taxpayers who miss their original deadlines can still file a belated ITR by December 31, 2024. However, filing a belated return incurs a penalty of up to ₹5,000 under Section 234F. Additionally, unpaid tax dues are subject to penal interest under Sections 234A, 234B, and 234C. It’s essential to clear penalties and dues before filing and retain the challan number as proof of payment.
Steps to File a Belated ITR
Filing a belated ITR follows the same process as filing an original ITR. Here’s how:
- Access the e-Filing Portal: Visit the official Income Tax Department portal.
- Select Section 139(4): Choose this section while filling out your ITR form.
- Pay Dues in Advance: Ensure all pending tax dues and penalties are paid before filing.
- Retain Proof of Payment: Keep the challan number handy for reference during the filing process.
- Verify the Filing: Complete the filing process by verifying your ITR within 30 days of submission.
What is a Revised ITR?
A revised ITR, filed under Section 139(5), is for taxpayers who need to correct errors or omissions in their original or belated returns. For instance, you might need to revise your ITR if you discover missed income disclosures, incorrect deductions, or calculation errors.
The deadline for filing a revised ITR for FY 2024-25 is also December 31, 2025. To file:
- Log in to the Income Tax Department portal.
- Select Section 139(5) in the ITR form.
- Reference the acknowledgment number of your original or belated return.
- Submit the corrected ITR and verify it within 30 days.
What Happens if You Miss December 31, 2024?
Failing to file your ITR by December 31, 2025, restricts your options significantly. Post this date, returns can only be filed under specific circumstances:
- Updated Returns: Under Section 139(8A), an updated return can be filed up to two years after the end of the assessment year but with hefty penalties—up to 50% of tax dues.
- Departmental Directions: The Income Tax Department may direct you to file returns in exceptional cases, such as undisclosed income during an audit.
Key Takeaways
- Filing your ITR on time avoids unnecessary penalties and legal complications.
- If you missed the original deadline, ensure you file a belated or revised ITR by December 31, 2025.
- Stay proactive by clearing all tax dues and verifying your return to complete the process.
Don’t wait until the last moment—act now to ensure compliance and financial peace of mind!
