Yes, you can file your 2023-24 (Assessment Year 2024-25) Income Tax Return now as a "belated return" under Section 139(4), but you will likely be subject to late fees (up to ₹5,000) under Section 234F, as the standard July 31, 2024 deadline has passed. The final deadline to file this belated return is December 31, 2025.
The time limit for filing of updated return
The time limit provided for filing an updated return is 48 months from the end of the relevant assessment year. In the financial year 2025-26, a person can file an updated return for AY 2024-25, 2023-24, 2022-23, 2021-22.
Frequently Asked Questions. Yes, you can file your ITR after the due date. But such an ITR will be considered as a belated return, and a late filing fee will be levied along with interest. A belated return is filed under Section 139(4).
As of today, taxpayers can go back and update returns for the last two years, but only until September 15, 2025. After that, those years lock permanently. For FY 2023–24 and beyond, the new Bill extends the window to 48 months, but adds sharper penalty slabs.
Penalty for Late Filing of ITR for FY 2024-25 (AY 2025-26) For the Financial Year (FY) 2024-25 (Assessment Year or AY 2025-26), the penalty for late filing of an Income Tax Return (ITR) is Rs. 1,000 or Rs. 5,000, depending on your total income.
For NRIs who have not yet filed their Income Tax Returns for FY 2024–25 (AY 2025–26), the last opportunity to file a belated return is 31 December 2025. Filing after the due date attracts a late fee under section 234F and may result in the loss of certain tax benefits.
First, the IRS charges a 5% penalty per month on any tax due if your return is filed late. The penalty is capped at 25% of the tax owed. If the return is more than 60 days late, the minimum late-filing penalty for returns due in 2026 is $525 or 100% of the tax owed, whichever is less.
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
Yes, both interest and penalty is levied on late filing on returns. Penalty of up to Rs. 5,000 for taxable income exceeding Rs.5 lakhs. Further interest is charged at the rate of 1% per month on the unpaid amount of tax, if any. ITR can be filed after the due date but such ITR should be filed before 31st December.
To revise an Income Tax Return (ITR) after the due date, taxpayers can file a revised return under Section 139(5) of the Income-tax Act, 1961. The request should be filed up to 31 December of the relevant assessment year, or before completion of assessment, whichever is earlier.
You can file back taxes for any past year, but the IRS usually considers you in good standing if you have filed the last six years of tax returns. If you qualified for federal tax credits or refunds in the past but didn't file tax returns, you may be able to collect the money by filing back taxes.
Common ITR Filing Mistake 1: Missing the Filing Deadline
The most avoidable mistake is missing the due date. For most individual taxpayers, the deadline for FY 2024-25 is 15th September 2025 (extended from July 31).
For FY 2024–25 (AY 2025–26), the ITR filing deadline for non-audit taxpayers has been extended to 16 September 2025, from the earlier due date of 15 September 2025. If you are unable to file by the due date, a belated return can still be filed until 31st December 2025, but with applicable late fees and interest.
What are the penalties and additional tax payable for filing an updated return? Filing an updated return incurs additional tax penalties: If filed within 12 months: 25% of the total tax and interest payable.
A tax return extension gives you six more months to file, but you must still pay your taxes on time. Learn about tax return extensions or how to pay your tax bill in installments.
Consequences of Not Filing ITR
Failing to meet this deadline could result in a penalty of ₹ 5000 if the return has been submitted after the due date under Section 234F. The penalty is reduced to ₹ 1000 if your total income is under ₹ 5 lakh for the concerned year.
Individual income tax returns are typically due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15. Independent contractors, gig workers, and self-employed people usually have to make quarterly estimated tax payments on pre-set dates throughout the year.
Just because you reside in the U.S. does not mean you have to go back to India to file your Indian income tax return. Today, there exists a process of electronically filing your returns, allowing you to do your job without having to physically go to India.
New rules for NRIs in India focus on stricter tax residency criteria from April 2026, increasing the stay threshold to 120 days for high-income NRIs (over ₹15 lakh Indian income) to become Resident but Not Ordinarily Resident (RNOR) and introducing "deemed residency" for high-income Indians in tax havens; also, higher TCS thresholds for LRS remittances (to ₹10L) and removal of TCS for education loans are recent changes from Budget 2025-26, alongside increased reporting of foreign assets.
Resident individual recently moved abroad
He just received Form 16 from his Indian employer. Should he file his returns this year in India? NRI or not, every individual must file a tax return if their income exceeds basic exemption limit. But note that NRIs are only taxed for income earned/collected in India.
If you don't file your tax return by the October 15 extension deadline, the IRS charges a failure-to-file penalty of 5% per month (up to 25%) on unpaid taxes, plus a failure-to-pay penalty (0.5% per month), and interest on the total amount due, potentially leading to significant costs, though you can request penalty abatement for reasonable cause, and if you're owed a refund, you generally won't face penalties but risk losing your refund if you wait too long (usually over 3 years).
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.