Last date to file ITR and late-filing penalties

For most individual taxpayers who don't require an audit, the due date to file the income tax return is 31 July following the financial year. Taxpayers who require a tax audit, and certain others, have later due dates. File by your applicable date to stay penalty-free.

If you file after the due date, a late fee under Section 234F applies — up to Rs 5,000, reduced to Rs 1,000 if your total income is within Rs 5,00,000. It's a flat fee charged simply for being late, so even a small delay costs.

Beyond the late fee, interest under Sections 234A/234B/234C applies on any tax that remained unpaid — typically 1% a month. So late filing with tax due is costlier than the fee alone; clearing your tax on time matters as much as filing on time.

If you miss the due date, you can usually file a belated return by the year-end deadline, and you can revise a return you've already filed within the allowed window. There's also an updated-return route for later corrections, subject to conditions and extra tax.

Filing late can cost you more than money — you may lose the right to carry forward certain losses (like capital or business losses) to set off against future income. So even in a loss year, filing on time preserves benefits you'll value later.