Last-Minute ITR Filing 2025: Complete Guide for Taxpayers Before September 15

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by

Himanshu
in

The deadline for filing Income Tax Returns (ITR) for Assessment Year 2025-26 is fast approaching. Taxpayers have only a few days left to file their returns for the Financial Year 2024-25. Late filing can lead to penalties, interest on unpaid taxes, and loss of benefits like carry-forward of losses.

This guide provides a comprehensive checklist, step-by-step instructions, and tips to help taxpayers complete last-minute ITR filing efficiently and correctly.

📄 Essential Documents Required for ITR Filing

Before filing your return, gather the following documents:

DocumentPurpose
Form 16Salary details and TDS by employer
Form 26ASConsolidated tax credit and TDS information
Annual Information Statement (AIS)Comprehensive view of all financial transactions
Bank StatementsFor interest income and other income verification
Investment ProofsFor claiming deductions under 80C, 80D, 80G, etc.
Aadhaar & PANIdentity and tax verification
Other Income DocumentsRental income, capital gains, dividends, etc.

✅ Steps for Last-Minute ITR Filing

  1. Log in to the Income Tax Portal
    • Use PAN/Aadhaar and password or net banking credentials.
  2. Select the Correct ITR Form
    • Choose the form based on your income sources (salary, business, capital gains, etc.).
  3. Verify Pre-Filled Information
    • Ensure details like salary, TDS, and bank interest are accurate.
  4. Add Missing Income and Deductions
    • Include all income sources and eligible deductions under Sections 80C, 80D, 80G, 24(b), etc.
  5. Choose Tax Regime
    • Decide between the old tax regime (with exemptions and deductions) or the new tax regime (lower rates but fewer deductions).
  6. Submit and E-Verify
    • Return is only valid after e-verification via OTP (Aadhaar, net banking, bank account, or demat account).

⚠️ Consequences of Late Filing

AspectDetails
Late Fee₹1,000 if income ≤ ₹5 lakh; ₹5,000 if income > ₹5 lakh
Interest1% per month under Section 234A on unpaid taxes
Loss of Carry ForwardCannot carry forward losses such as capital loss or business loss
Delayed RefundsProcessing of refunds may be delayed

🛠️ Tips for Last-Minute ITR Filing

  • Check TDS/TCS: Reconcile with Form 26AS to avoid mismatches.
  • Verify Income and Deductions: Ensure all eligible deductions are included.
  • File the Correct ITR Form: Incorrect form selection can lead to rejections.
  • Cross-Check Bank and PAN Details: Accurate details prevent refund issues.
  • Submit Early to Avoid Portal Traffic: Last-minute rush can slow down the e-filing portal.

🧾 Common Mistakes to Avoid

  1. Filing with the wrong ITR form.
  2. Missing bank account details.
  3. Leaving out deductions under eligible sections.
  4. Forgetting to e-verify the return.
  5. Entering incorrect income details or TDS amounts.

📌 Frequently Asked Questions (FAQs)

Q1: Can I file my ITR after September 15, 2025?

  • Yes, you can file a belated return by December 31, 2025, but penalties and interest will apply.

Q2: What penalties apply for late filing?

  • A late fee of ₹1,000 for income ≤ ₹5 lakh and ₹5,000 for income > ₹5 lakh, plus 1% monthly interest on unpaid tax.

Q3: What happens if I miss the belated return deadline?

  • You can file a revised return under Section 139(5) within four years from the end of the assessment year.

Q4: How can I e-verify my ITR?

  • Using Aadhaar OTP, net banking, bank account OTP, or demat account OTP.

Q5: What if I do not file my ITR at all?

  • Non-filing leads to penalties, loss of carry-forward benefits, and delayed refunds.

🏁 Conclusion

With only a few days left for filing ITR for AY 2025-26, it is crucial to act immediately. Proper preparation, cross-checking documents, and e-verification can help taxpayers avoid penalties and ensure smooth compliance.

Last-minute ITR filing can be stress-free if you follow the above guide and double-check all details before submission.