Income Tax Return (ITR) Filing Due Dates for FY 2024-25 (AY 2025-26)

Filing your Income Tax Return (ITR) is an important step in meeting your tax obligations as a responsible citizen. Each financial year, taxpayers must report their income and pay taxes by the specified due dates to avoid penalties, interest, and loss of tax benefits. Knowing the applicable ITR filing due dates, the consequences of missing deadlines, and the various return types is essential for hassle-free compliance. This article presents a comprehensive guide to ITR filing due dates for the Financial Year (FY) 2024-25 and Assessment Year (AY) 2025-26, with all related updates, especially changes introduced in Budget 2025.

Budget 2025 Update: Extended Deadline for Updated Return

Budget 2025 has extended the deadline for filing updated income tax returns. Earlier, the time limit to file an updated return was 2 years from the end of the relevant assessment year. However, as per the latest amendment, this has now been extended to 4 years. This change allows taxpayers more time to correct or update their return if they missed reporting any income earlier or if they want to voluntarily disclose any income for compliance purposes. This move is expected to increase voluntary tax compliance and reduce litigation.

When is the Last Date to File ITR?

The last date to file your income tax return depends on your category as a taxpayer. For individual taxpayers who are not required to get their accounts audited, the last date for filing the return is generally 31st July of the following financial year. So, for the Financial Year 2024-25, which ends on 31st March 2025, the due date to file the return is 31st July 2025.

For those who miss this deadline, the Income Tax Department allows filing a belated return. However, late filing attracts a penalty and interest. The last date for filing a belated return for AY 2025-26 is 31st December 2025, unless extended by the government.

Income Tax Filing Due Dates for FY 2024-25 (AY 2025-26)

Different types of taxpayers have different due dates depending on their nature of income and whether or not their books are subject to audit. Here is a clear breakdown:

• Individuals / Hindu Undivided Families (HUFs) / Association of Persons (AOPs) / Body of Individuals (BOIs) who are not required to get their accounts audited must file their ITR by 31st July 2025.

• Businesses or professionals whose accounts require audit under the Income Tax Act must file their return by 31st October 2025.

• Businesses that need to file transfer pricing reports, which is applicable when there are international transactions or specified domestic transactions, must file by 30th November 2025.

• The Revised Return and Belated Return can be filed till 31st December 2025.

• An Updated Return can be filed within 4 years from the end of the relevant assessment year. For AY 2025-26, the updated return can be filed up to 31st March 2030.

Consequences of Missing the ITR Filing Deadline

Failing to file your income tax return on time can lead to several financial consequences. These are explained below in simple terms:

1. Interest on Tax Due (Section 234A): If you miss the deadline and there is any unpaid tax, the Income Tax Department will charge 1% interest per month or part of the month on the outstanding tax amount. This interest is calculated from the due date till the date of actual filing. This means the longer you delay, the higher the interest liability.

2. Late Filing Fee (Section 234F): Apart from interest, there is a late filing fee under Section 234F. If your total income exceeds Rs. 5 lakhs, the late fee is Rs. 5,000. If your total income is less than Rs. 5 lakhs, the late fee is Rs. 1,000. This fee is mandatory and cannot be waived.

3. Loss of Opportunity to Carry Forward Losses: Taxpayers who have incurred losses in the current year, for example from the stock market, mutual fund investments, or real estate, can carry these losses forward and adjust them against income in future years. However, this benefit is available only if you file your return on time. If the return is filed late, the losses cannot be carried forward, resulting in higher tax liability in the coming years.

What If You Miss the ITR Filing Deadline?

Missing the due date can be stressful, but there are still options available. The Income Tax Department provides two fallback provisions: Belated Return and Updated Return.

Belated Return

If you fail to file your return by 31st July 2025, you can still file a belated return by 31st December 2025. However, you must pay a late filing fee and interest. Also, you cannot carry forward any losses, but you can still claim exemptions and deductions. This option helps those who missed the original deadline but still want to comply.

Updated Return (ITR-U)

If you miss even the belated return deadline or want to voluntarily disclose additional income, you can file an Updated Return (ITR-U). The time limit for updated returns is now 4 years from the end of the relevant assessment year, thanks to the Budget 2025 amendment. This means for FY 2024-25 (AY 2025-26), the last date for filing an updated return is 31st March 2030. Note that an additional tax of 25% to 50% on the tax and interest due may apply, depending on when the updated return is filed.

What If You Made an Error While Filing?

It’s common for taxpayers to make mistakes while filing their return—such as forgetting to claim deductions or entering incorrect information. The Income Tax Department provides a way to correct these errors.

Revised Return

A Revised Return allows you to correct any mistake made in your original return. It could be a numerical error, an incorrect bank account number, or a missed deduction. For example, if Mr. X files his return on 30th June 2025 and realizes on 1st August that he forgot to claim Section 80C deductions, he can file a revised return by 31st December 2025.

Please note, the revised return replaces the original one and is considered the valid return for assessment purposes.

What is Financial Year (FY) and Assessment Year (AY)?

To understand tax return filing, it is important to know the difference between Financial Year and Assessment Year.

• The Financial Year (FY) is the period during which the income is earned. For example, FY 2024-25 refers to the period from 1st April 2024 to 31st March 2025.

• The Assessment Year (AY) is the year following the financial year, during which the income earned is assessed and taxed. For income earned during FY 2024-25, the Assessment Year is 2025-26, i.e., from 1st April 2025 to 31st March 2026.

Thus, the return for income earned in FY 2024-25 must be filed in AY 2025-26.

Advance Tax Due Dates for FY 2025-26

Advance tax is the tax paid in instalments during the financial year on income that you expect to earn. It applies to salaried, business, and professional individuals if the tax liability exceeds Rs. 10,000 in a financial year.

Due Dates for Advance Tax Payments

1. 15th June 2025 – This is the due date for the first instalment, and 15% of the total tax liability must be paid by this date.

2. 15th September 2025 – The second instalment is due. By this time, a total of 45% of your tax liability should be paid.

3. 15th December 2025 – This is the due date for the third instalment, by which you should have paid 75% of your total tax liability.

4. 15th March 2026 – This is the final instalment, and 100% of your advance tax liability should be cleared by this date.

For taxpayers opting for the presumptive taxation scheme under Section 44AD or 44ADA, 100% of the tax liability must be paid in one go by 15th March 2026.

Conclusion

Filing your Income Tax Return on time is not just a legal requirement but also a wise financial practice. Timely filing helps you avoid penalties, interest, and other consequences, and allows you to carry forward losses, claim deductions, and get refunds faster. With the Budget 2025 update extending the time limit for updated returns to four years, taxpayers have more flexibility to correct past omissions.

However, waiting till the last moment to file can result in missed benefits and unnecessary stress. Plan your taxes in advance, pay your advance tax on time, and file your returns before the deadline to stay compliant and save more. If you have any doubts or face issues, consult Compliance Calendar’s tax professional through mail at info@ccoffice.in or Call/Whatsapp at +91 9988424211.

Frequently Asked Questions (FAQs)

Q1. What is the last date for filing Income Tax Return (ITR) for individuals and non-audit taxpayers for FY 2024-25 (AY 2025-26)?

Ans. The last date for filing ITR for individuals and non-audit taxpayers for FY 2024-25 (AY 2025-26) is 31st July 2025.

Q2. What happens if I miss the deadline for filing my ITR?

Ans. If you miss the deadline, you can still file your ITR under the belated return option. However, this will attract penalties, interest, and may have other legal repercussions.

Q3: What is the Assessment Year (AY) and how does it relate to the Financial Year (FY)?

Ans. The Financial Year (FY) is the year in which you earn income. The Assessment Year (AY) is the year in which that income is assessed and taxed. For FY 2024-25, the corresponding Assessment Year is AY 2025-26.

Q4. Are there different deadlines for taxpayers who require a tax audit?

Ans. Yes, taxpayers whose income is subject to tax audit (i.e., businesses and professionals with turnover exceeding specified limits) have an extended deadline for filing their ITR. The article mentions that this is under Section 44AB of the Income Tax Act. However, the specific extended deadline is not provided in the snippet.

Q5. Who are considered individuals and non-audit taxpayers?

Ans. Individuals and non-audit taxpayers include salaried employees, pensioners, and taxpayers with income from savings accounts, interest, rental income, etc., who are not required to have their accounts audited under Section 44AB of the Income Tax Act.