The deadline to file Income Tax returns is winding down for most taxpayers — with many likely to incur fines after September 15. People in India were given an additional 1.5 months to file their returns without penalties after facing ‘unprecedented hardships’ due to multiple delays in the release of ITR forms and technical issues. The Finance Ministry has also received fresh requests from several tax bodies seeking an additional extension.
No extension has been announced on the current deadline — with most submissions due by September 15. Returns will be considered ‘belated’ submissions beyond this deadline and incur penalties and interest under Section 234F of the Income Tax Act. Individuals with a taxable income up to Rs 5 lakh will have to pay a penalty up to Rs 1,000 while those with a higher taxable income face a Rs 5,000 levy. These penalties will apply even if no tax is owed at the time of filing.
Any outstanding tax dues will also incur interest at a rate of 1% per month under current guidelines. This is charged on the net amount of tax that is payable and remains even if the individual pays the outstanding tax while filing their returns.
What is the official deadline?
The due date for filing income tax returns was extended from July 31 to September 15 in order to ease compliance for most taxpayers. According to the tax calendar shared on the income tax website, all salaried individuals, pensioners, and other entities must submit their details by this deadline in order to avoid penalties.
Who must file tax return now?
Individuals and entities whose accounts do not require audit must file their income tax returns by September 15. This includes people whose total income exceeds the basic exemption limit — including salaried individuals and professionals with income up to Rs 50 lakh who do not fall under audit requirements. it will also apply to taxpayers who meet certain specific criteria such as spending Rs 2 lakh or more on foreign travel or paying more than Rs 1 lakh for electricity bills, depositing Rs 1 crore or more in current accounts, or having professional income above Rs 10 lakh. Individuals who have TDS or TCS exceeding Rs 25,000 (Rs 50,000 for senior citizens) and resident taxpayers with foreign assets or those who are beneficiaries of foreign assets also face the September 15 deadline.