Yes, you can file your tax return after the due date, and you should do so as soon as possible to minimize penalties and interest. While you can file late, you may face a Failure to File penalty of up to 5% of your unpaid tax per month, plus interest. If you are owed a refund, there is no penalty for filing late, but you will not receive your money until you file.
If you missed the filing deadline for filing your income tax return, we give you an automatic extension until October 15th. No application is required. Visit Personal due dates for more information.
Filing taxes late in Canada can result in penalties and interest charges from the Canada Revenue Agency (CRA). But not filing at all can affect refunds, benefits, and credits. You can file late returns online or through an accountant. But if you file late and taxes are owed, be prepared for increased amounts due.
Date: Individual Income Tax Returns should be filed on or before 30th June of the following year. Penalty on late filing: Whichever is higher between, 5% of the tax due or Kshs.
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).
What is due by October 15 this year? IRS income tax return: Your IRS taxes for the year can no longer be e-filed after this date. A tax extension could reduce your penalties if you filed one by April 15. Estimate potential late payment penalties here; file even if you can't pay and see tips on paying taxes.
In case you miss filing the ITR within the due date u/s 139(1), you can still file your Income Tax Return, but you may be required to pay a late filing fee of up to ₹5000/-. Additionally, you will also be required to pay interest on the tax liability (if any).
If you owe tax and don't file on time (with extensions), there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month, that your return is late, up to a maximum of 25%.
The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY 2025-26 from 15 September 2025 to 16 September 2025 and ITR filing last date for FY 2025-26 (AY 2026-27) is Friday, 31 July 2026.
In addition to a fine, the ATO can also apply General Interest Charges (GIC), on any amount still owing. Note: The rate for GIC changes quarterly. At the time of writing this article, the rate is 10.61% per annum (October – December 2025).
If you don't file taxes when required, the IRS imposes significant penalties and interest, starting with a 5% late-filing penalty (up to 25% of tax owed), plus a failure-to-pay penalty (0.5% per month), and interest on the total amount due, which can lead to wage garnishment, tax liens on property, seizure of assets, and even criminal charges in severe cases, though the primary consequences are financial penalties and collection actions. If you're owed a refund, there are no penalties for filing late, but you must file to claim it.
Pay a Self Assessment penalty
Most interest income is taxable, but you can get tax-free interest from municipal bonds (often from your home state), U.S. Treasury obligations (federal tax-free), certain Series I/EE savings bonds if used for education, and within tax-advantaged accounts like IRAs/401(k)s (tax-deferred or tax-free in Roths). The IRS requires reporting all interest, but you'll get Form 1099-INT for $10+ from banks, while muni bond interest goes on Schedule B (Form 1040) as tax-exempt.
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.
The late-filing penalty will be 10% of your balance and an additional 2% for each full month that you file after the due date.
Sound reasons, if established, include:
No, you generally cannot file a second automatic tax extension after the October 15 deadline; the IRS only grants one six-month extension (from April to October) per tax year, and missing the October date means penalties for late filing begin to accrue, unless you qualify for specific exceptions like being in a disaster area or military service. If you missed the October deadline, your priority is to file your return as soon as possible, even if you can't pay everything immediately, to minimize failure-to-file penalties.
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).
Last date of filing ITR extends from 31st July to 15th September 2025.
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.
If you're expecting a refund, there are no penalties or interest charges for filing late. However, filing late will delay your refund and extend the statute of limitations for audits.
You can avoid a penalty by filing and paying your tax by the due date. If you can't do so, you can apply for an extension of time to file or a payment plan.
Limitations of a Belated Return
If you miss the ITR due date and file a belated return, you may face the following consequences: Interest: The Income Tax Department may charge interest under Sections 234A, 234B, and 234C. Late fee: A late fee applies under Section 234F: Income up to ₹5 lakh: ₹1,000.
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.
📢 𝐏𝐔𝐁𝐋𝐈𝐂 𝐍𝐎𝐓𝐈𝐂𝐄: 𝐊𝐑𝐀 𝐖𝐚𝐢𝐯𝐞𝐬 𝐏𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬 & 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐨𝐧 𝐋𝐚𝐭𝐞 𝐅𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐑𝐞𝐭𝐮𝐫𝐧𝐬 We appreciate all taxpayers for the overwhelming turnout in filing 2024 income tax returns. Due to system issues on June 30, 2025, a waiver of penalties and interest has been granted.