The Department of Income Tax has published a notice stating that the deadline for filing ITR for the financial year 2024-25 (AY 2025-26) will be July 31, 2025, for the majority of individual taxpayers. Authorities have advised citizens to file well in advance of the deadline so as not to face hassles and penalties near the due dates.
The deadline is October 31, 2025, for businesses and professionals whose accounts are required to be audited and also for domestic companies. Taxpayers partaking in cross-border transactions requiring a transfer pricing report must file by November 30, 2025. Late or revised returns can be filed and submitted by December 31, 2025, but with additional fees.
Those who file late face a fee of up to ₹5,000, and those earning below ₹500,000 will pay a fee of ₹1000. This will be in addition to 1% interest per month on the outstanding tax on the unpaid tax from the original due date. Tax experts caution that feelings of missing deadlines may restrict the ability to ‘carry forward’ some losses and delays in refunds.
Published data suggests that the Income Tax Department has recommended that taxpayers file returns much earlier to ensure smooth processing and to evade the last-minute rush that usually culminates around the deadline. The portal working columns may face backlog traffic of heavy tallies in the final days of filing taxes, which are sure to take their toll.
Taxpayers should be reminded that the ITR filing season is now open and encouraged to have all required documents on hand to bolster compliance and sidestep punitive measures.
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