Filing Income Tax Returns (ITR) is a crucial annual exercise for taxpayers in India, ensuring compliance with the nation's tax regulations. For the Financial Year 2024-25 (Assessment Year 2025-26), understanding the ITR filing deadline is essential to avoid potential penalties and interest charges.

The Standard Deadline: July 31, 2025

For most individual taxpayers, including salaried employees, freelancers, and small business owners who are not subject to audit, the last date to file ITR for FY 2024-25 is July 31, 2025. This deadline applies to individuals, Hindu Undivided Families (HUFs), and small firms whose accounts do not require auditing. Even taxpayers who have opted for the concessional tax regime or plan to claim exemptions must adhere to this date for filing their returns and any necessary declarations.

Exceptions to the July 31 Deadline

It's important to note that the July 31 deadline does not apply to everyone. Certain categories of taxpayers receive extended deadlines, including:

• Businesses and Professionals Under Audit: Businesses and professionals whose accounts require auditing have until October 31, 2025, to file their ITR.
• Companies: The due date for return filing of domestic companies for FY 2024-25 is October 31, 2025. However, if the company is having any international transaction or specified domestic transaction and is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be November 30, 2025.
• Taxpayers with Transfer Pricing Reports: Taxpayers who are required to submit a report under section 92E, typically involving international transactions, also have until November 30, 2025, to file their returns.

Filing a Belated Return

If you miss the initial deadline of July 31, 2025, there is still an opportunity to file a belated return. A belated return can be filed until December 31, 2025, but it will attract penalties and interest charges.

Penalties for Late Filing

Filing your ITR after the due date can result in penalties under Section 234F of the Income Tax Act. The penalty amount depends on your total income:

• If your total income does not exceed ₹5 lakh, the penalty is ₹1,000.
• If your total income exceeds ₹5 lakh, the penalty can be up to ₹5,000.

In addition to the penalty under Section 234F, interest under Section 234A will also be applicable on the outstanding tax amount.

Revised Returns

Taxpayers who discover errors or omissions in their original ITR have the option to file a revised return. The due date for filing a revised return is December 31, 2025. This allows individuals to rectify mistakes and ensure accurate reporting of their income and tax liabilities.

Importance of Timely Filing

Filing your ITR on time is crucial for several reasons:

• Compliance: It ensures compliance with the country's tax laws.
• Avoid Penalties: Filing before the deadline helps you avoid penalties and interest charges.
• Loan Applications: ITR serves as proof of income and is often required for loan applications.
• Refunds: Timely filing ensures that you receive any eligible tax refunds promptly.

Staying Updated

While the general ITR filing deadline for FY 2024-25 is July 31, 2025, it is advisable to stay updated on any potential changes or extensions announced by the Income Tax Department. Regularly check the official Income Tax Department website for the latest notifications and updates.