This time the deadline to file income tax returns was 16 September. Many people missed on filing returns till this date. These include Ghanshyam Aggarwal of Noida. He has told that he has received income from bank interest, capital gence and dividend. He could not file returns till 16 September for some reason. He wants to know if he can still file returns. Moneycontrol asked this question to tax expert and CA Balwant Jain.
DU date and last date are important for AtiR
Jain said that Income tax return Two dates are important in terms of filing-duty date and last date. Many people understand the date as the final date. They feel that income tax returns cannot be filed after it has passed. Such thinking is wrong. If you are unable to file returns till the date date, then you can file before the last date. The original dew date for the assessment year 2025-26 (FY2024-25) was July 31, 2025. It was increased by the Income Tax Department to 16 September.
Returns can be filed even after passing date
He said that Ghanshyam Agarwal has not been able to file returns till the date of 16 September, then he can file a billowed return by December 31, 2025. If he is unable to file returns till 31 December, then he can file updated ITR in special situations from April 1, 2026. However, for this, they will have to pay additional interest and tax along with the outstanding tax. However, it is important to understand that some losses have to be incurred if the return is not filed till the date.
Loss in filing returns after dee date
Jain said that if you do not file a return till the date date, then if there is a loss in the current year, then you will not be able to carry it on to set-off in the coming years. If adequate advance tax has not been paid, then the interest will have to be paid for the delay in it. If you are entitled to refund, then the interest on the delayed period may have to lose. Apart from this, late filing fees will also be charged. It is Rs 5,000 on more than 5 lakh annual income. It is Rs 1,000 on annual income less than 5 lakhs.