ITR Filing Date Extended, But Can You Afford to Miss the July 31 Tax Deadline?

The Income Tax Department has extended the ITR filing deadline for FY 2024–25 to September 15, 2025, offering relief to taxpayers. But here’s the catch: your tax dues may still need to be paid by July 31, 2025, to avoid interest and other charges.

Why the Extension?

The Central Board of Direct Taxes (CBDT) extended the date due to factors such as:
a) Delays in updated ITR forms
b) Late release of filing utilities (especially for ITR-2 and ITR-3)
c) Late availability of Form 26AS and AIS from financial institutions

Filing vs. Paying

Even though you have additional time to file, self-assessment tax should ideally be paid by July 31, 2025. If you clear your tax dues by September 15, you can avoid interest under Section 234A. But Sections 234B and 234C, which deal with late or insufficient advance tax payments, will still be levied.

Also Read: Last Date to File Income Tax Extended To September 15. Check Details | Republic World

Who Are the Key Beneficiaries?

The extension is helpful for:
1. Freelancers, professionals, and business owners
2. Salaried taxpayers with capital gains or multiple income sources
3. Those waiting for updated Form 16s or corrected AIS data
However, if your income is straightforward—just salary and some bank interest—you might be better off filing now and getting your refund early.

What If the September Deadline Is Missed?

If you are unable to file by September 15, you can still file a belated return by December 31, but it’ll attract other charges such as:

• Late fees up to Rs 5,000 (Rs 1,000 if income < Rs 5 lakh)
• Interest on unpaid tax
• Loss of carry-forward for certain losses, like capital gains

Bottomline

The filing extension offers some buffer period, but it is not an excuse to delay. If you owe tax, pay it soon to avoid penalties. Filing early can also help you get faster refunds and correct any mistakes in time.