What Should You Do If Deadline For Submitting Your Income Tax Proof Has Passed?

What is the deadline for filing an ITR?

 

The deadline for non-audit taxpayers to file their ITRs for the Fiscal Year 2024–2025 (AY 2025–2026) is July 31, 2025. You can still file a belated return by December 31, 2025, even if you miss the deadline. ^[1]

 

What does a belated return mean?

 

There is no need to panic if you have missed the income tax return filing date. Even though there will be a penalty, you can still choose to file your taxes beyond the deadline.

A return that is filed after the deadline, which is July 31 of the assessment year, but before December 31 of the same year is referred to as a belated return. Even if there are repercussions for late submission, it's still preferable than possible fines for non-compliance. ^[2]

 

Implications of Not Meeting the ITR Submission Deadline

Interest

 

According to Section 234A, you will be required to pay interest on the outstanding tax amount at the rate of 1% every month or part-month if you file your return after the deadline. This interest will be calculated from the due date applicable for filing of return of the relevant financial year till the date that you actually file your return. ^[5]

 

Late charge

 

For gross total income above Rs. 5 Lakh a late fee of Rs. 5,000 is levied under Section 234F; if your total income is less than Rs. 5 lakh, the fee is reduced to Rs. 1,000.^[2]

 

Adjustment for Loss

 

If you've incurred losses, such as business or capital losses, they cannot be carried forward or set off in future years. However, an exception applies to losses from house property, which can still be carried forward even if you file your returns late. But do note that the deductions and exemptions under sections 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID, and 80-IE will not be available if you miss the ITR filing deadline. These tax-saving benefits apply only when the ITR is filed before the original due date. ^[2]

 

What Happens If You Don't File Your ITR?

 

A belated return

You can file a return after the deadline, known as a delayed return, if you miss the ITR filing deadline. You will not be able to carry forward any losses for future adjustments, but exception is available for losses from house properties that could be carried forward even if you file your returns late.

But you will still be responsible for paying the late fee and penalty. Unless the government extends it, the deadline for submitting a belated return is December 31 of the assessment year. ^[2]

 

How to Reduce Taxes If You Miss the Deadline for Submitting Income Tax Proofs 

 

At the time of e-filing, you can claim the exemptions and deductions that your employer would have provided on your Form 16 if the supporting documentation had been supplied. ^[3]

Let's examine the exemptions and deductions that you are eligible to claim despite the fact that your employer's tax proof filing date has passed: ^[3]

 

Make Use of the HRA Exemption on Your Return

When you file your return, you can claim a deduction on the House Rent Allowance if you live on rent and have paid your rent.   You need to submit your rent receipts and your landlord's PAN. Your landlord’s PAN is required if you pay more than Rs 1,00,000 in rent annually. ^[3]

Section 80C Deductions

You can lower your taxable income by Rs 1,50,000 under Section 80C. If you were unable to provide your employer with the specifics of your Section 80C deductions on time, you may still claim them on your income tax return. Although they are not shown on your Form 16 because you were unable to notify your employer, you can still claim them when completing your returns. Alternatively, you might have made those investments after the employer's deadline for submitting proof (although you make investments for deductions before 31st March of the fiscal year). ^[3]

Conclusion

It's still possible to submit proof of income tax after the deadline. Even so, there can be fines and limitations for filing a late return. When e-filing, take use of the allowed deductions to reduce your tax liability. Keeping accurate records and staying informed about deadlines might help you prevent last-minute problems.