ITR -LIASSER: Here is what you will lose if you miss the deadline of September 15

ITR -Lassing: The deadline to submit income tax returns ends tomorrow, and if you do not, it can lead to different consequences for the taxpayers. The deadline for income tax return (ITR) is traditionally July 31, which has often been expanded at the last minute due to technical errors on the e-filing portal. However, the IT division has already extended the deadline until September 15 in May this year and so far the government has not announced any additional expansion. If you have not yet submitted your ITR, tomorrow’s deadline will not only attract a fine, but it also has other financial consequences. Here is the collapse: with which a taxpayer should be handled if they do not submit ITR on the deadline: fines under section 234F of the Income Tax Act, a fine on the taxpayer will be imposed as a late -fee fee when you do not submit your ITR after the expiration date. The fine amount depends on the person’s total income and the time of filing, says Shefali Mundra, tax expert at Cleartax. For the assessment year 2025-26 / FY 2024-25, taxpayers with an income of £ 5 lakh and less £ 1000 must pay than the fine than the expiration date, but pay before December 31. For people with an income or over £ 5 Lakh, the fine is at £ 5000 under the same condition. “However, there is no late submission fee if your income is under the basic exemption limit, as the non -taxable income ranges from situation, as certain requirements (such as foreign assets, etc.) may force an ITR, even if the income is small,” Mundra noted. Interest on unpaid tax If a taxpayer fails to remove the tax liability, either because they have filed late or did not pay the required advance tax, then the interest is charged under different divisions. Division when does it apply interest rate and how is it calculated? Article 234A delay in submitting ITR, with outstanding tax liability (after TDS, advance tax, etc.). 1% per month (or part of a month) on the net outstanding tax liability, from the day after the expiration date until the date of submission. Section 234b if ahead of advance pay 90% of your total tax liability, or you did not pay the necessary advance tax, although you were liable. 1% per month (or part thereof), on the judged less forward tax, from April 1 of the judgment year until the tax is paid Article 234c for deficit or postponement in installments of advance tax (quarterly or otherwise). 1 % per month or a portion of it on the deficit in each installment or deferred amount. The specific duration depends on which installment (s) are short / postponed. Source: Cleartax It is important to note that in the case of a judged period for fine, fractions of a month as a full month. Loss of repayment Interest “Loss of repayment Interest refers to the interest you could have received if UU ITR submitted on time, minus the interest you actually receive as you submitted later,” Mundra said. Example: If the repayment is £ 50,000 and you have submitted it on time, the interest you received for April – £ 2,250 at an interest rate of 0.5% per month under section 244A. However, if you submit late October, say in October, so the interest you will receive for October – December period is £ 500, which is a loss of £ 1,750 for the taxpayer. Disability to continue certain losses if a taxpayer submits their ITR before the deadline, they would have the rights to convey all their losses. However, if they miss it, the submission of it would later limit the continuation of certain losses, such as business or capital loss in many cases, Mundra said and note the disadvantages of the returns of the scholar. What to do if you miss the deadline If you miss the DITR -Liberation deadline on September 15, you can take some necessary steps to reduce your losses and improve your financial status. “One must prepare a late return as soon as possible (before December 31 of the review year) and submit, after the deadline has been missed as it loses many extra months for the repayment interest, and keeps your record cleaner,” Mundar said. A Late Release is an Income Tax Return (ITR) submitted after the expiry date prescribed in terms of the Income Tax Act, but before the end of the relevant assessment year, which will be for this month before December 31, 2025. In the case of regular ITR submission, the interest starts from April 1, so you receive more months of interest. However, in the case of filing the late return, interest starts only from the date of submission, so that you eventually lose importance to the earlier months, Mundra said. Also, make sure the verification is done (to verify the return) as soon as you are submitted. Returns must be verified within the required timeframes; Delay in the verification can even make the return effectively ‘invalid’ or delay, his taxpayers warned. As a last step, keep all records / documents, so that you have any claims, deductions, evidence, etc. Can support. It helps to avoid delays, notifications or rejection of the repayment as a result of missing evidence.