Income Tax Return Filing: Can Taxpayers Still File ITR After September 16? From Penalties To Belated Returns

The September 16 deadline is nearing its end; the income tax portal is flooded with taxpayers for their ITR filing. However, even after Tuesday, did you know you can still file your ITR? But this comes at a price!

ITR Filing Deadline:

Currently, September 16 is the deadline for filing an income tax return. This is the second time the Income Tax Department has extended the due date from September 15. Originally, the ITR filing deadline is fixed on July 31st every year.

Can You Still File ITR After the Deadline?

Section 139(1) of the Income Tax Act allows taxpayers to file their ITR if they miss the original deadline. This filing would be referred to as a belated income tax return.

However, there is also a deadline for belated ITR, and that is December 31st of every year. For assessment year 2025-26, the deadline will be December 31, 2025.

Also, as per the Income Tax Department FAQs, Section 139 enables the filing of an updated return. The section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions).

An updated return can be filed at any time within 48 months [12 months till 31-03-2025] from the end of the relevant assessment year, said the FAQs.

But since taxpayers have missed their original deadline, a belated ITR will attract penalties and could result in loss of various benefits and carry forward of losses.

In general terms, it is advisable to file a belated ITR even if the deadline is missed, to avoid any consequences later on.

Impact Of Filing Belated Returns:

Here are some of the disadvantages of filing a belated ITR, as per the ClearTax blog:

Restriction on Carrying Forward Business and Capital Losses: If you have incurred losses, like business and capital losses, they cannot be carried forward and set off in subsequent years. However, an exception is available for losses from house property that can be carried forward even if you file your returns late.

2. Inability to Opt for Old Regime: If you have missed the due date for the original return, you lose the option to file under the old regime, even if it is beneficial for you. You can file a belated return only under the new regime, even if you have filed Form-10IEA before the due date.

3. Notice: Delayed filing can result in notices from the tax department, leading to unnecessary stress and complications.

Apart from this, taxpayers could attract penalties and interest payout in case of belated ITR.

ITR Filing Penalties:

If taxpayers missed September 16, they could be charged interest under sections 234A, 234B and 234C. While a late fee is imposed under section 234F.

Under section 234F, taxpayers with income of up to Rs 5 lakh will have to pay penalty of Rs 1,000 for late filing. If income is more than Rs 5 lakh, the penalty amount is higher to Rs 5,000.

How To File Belated ITR?

If you wish to file it on Income Tax Portal, take a look at this step-by-step guide on how to file a belated return online and offline, as per ClearTax:

Step 1: Log in to your account on the e-filing account

Step 2: Click on 'e-File' > Choose 'Income Tax Returns' and > Select 'File Income Tax Return

Step 3: Select the relevant assessment year

Step 4: If you select the mode of filing as 'Online', follow Steps 5-10.

Step 5: Click on the 'Start new filing' button

Step 6: Select the applicable status

Step 7: Now, select the applicable ITR form

Step 8: Click on the 'Personal Information' section and ensure all your personal details are correct.

Step 9: Scroll down to the filing section and select 139(4).

Step 10: Fill in all your income details under various source heads and proceed to make the tax payment.