ITR filing for FY 2024-25: What is due date, what to do if you miss due date? Can you still claim deductions? Details here

Every taxpayer must file the Income Tax Returns (ITR) as it not only ensures compliance with the law, but also involves declaring all sources of income. By doing this a taxpayer can also claim eligible deductions and report his tax liabilities to the Income Tax Department. Generally, the ITR filing process begins on April 1 every year, however, this year it is expected to begin on June 1. The deadline for those who do not need to get their books audited, this year is July 31, 2025. Those who fail to comply with this deadline will have to pay penalties and interest charges. The delay is supposed to be due to the non-availability of online corresponding utilities for ITR forms.

The Central Board of Direct Taxes has released all the I-T-related forms from ITR-1 to ITR-7. Taxpayers should fill out the relevant form and report income earned between April 1, 2024, and March 31, 2025.  

Last date

The last date for non-audit taxpayers is July 31, 2025. If this deadline is missed the income taxpayers will have to pay interest at 1% per month on any unpaid tax, according to Section 234A of the I-T Act.

Late Fee

Under Section 234F, the income taxpayers will have to pay a fine of 
Rs 1,000 if total income is up to Rs 5 lakh and Rs 5,000 if total income exceeds Rs 5 lakh. 

Loss adjustment

Losses incurred by the taxpayers in the stock market, mutual funds, or business activities may be carried forward to offset future income. But, this benefit can not be availed if the return is not filed by the due date.

If you miss deadline

If you miss the deadline, you will have to pay the penalties. However, deductions and exemptions can still be claimed, but losses cannot be carried forward. The deadline for filing a belated return is December 31, 2025. 

Financial Year Vs Assessment Year

One should clearly understand that the Financial Year (FY) and Assessment Year (AY) are different. While the Financial Year (FY) is the year in which income is earned, the Assessment Year (AY) is the year following the FY, in which the income is assessed and taxed. For example, income earned from April 1, 2024, to March 31, 2025, falls in FY 2024–25. However, this income will be assessed in AY 2025–26, which runs from April 1, 2025 to March 31, 2026.