Haven’t filed your ITR for FY2024–25 yet?:Act before 31 December 2025 deadline for belated returns expires—here are the benefits and consequences

If you have not filed your Income Tax Return (ITR) for the financial year 2024-25, there is still an opportunity to do so. The last date to file a belated return is 31 December 2025. Filing within this deadline, even with a late fee, is far better than not filing at all. If you have missed the original deadline or the normal due date (31 July), you can file a belated return with a late fee. He adds that under Section 276CC of the Income Tax Act, 1961, wilful failure to file a return where tax payable exceeds ₹10,000 can attract prosecution, including imprisonment ranging from three months to seven years. Late Fees for Belated Return As per Section 234F of the Income Tax Act: · Income up to ₹5 lakh: Late fee of ₹1,000 · Income above ₹5 lakh: Late fee of ₹5,000 In addition to this, interest may also apply on any unpaid tax. Although a penalty applies, filing ITR reduces the risk of more serious consequences later. Why You Should File Your Belated ITR Now 1. Stay Legally Compliant You must file an ITR if: i) Your income exceeds the basic exemption limit ∗ ₹2.5 lakh (Old Regime) ∗ ₹3 lakh (New Regime) ii) You hold foreign assets iii) You deposited: ∗ More than ₹1 crore in a current account, or ∗ More than ₹50 lakh in a savings account iv) Your electricity bill exceeds ₹1 lakh in a year v) You spent more than ₹2 lakh on foreign travel There are also other conditions where ITR filing is mandatory. Important:
Under Section 276CC, if a person willfully fails to file the return and the tax payable exceeds ₹10,000, it can lead to prosecution with imprisonment ranging from 3 months to 7 years. Filing a belated return helps you avoid such serious consequences. 2. Claim Your Income Tax Refund In many cases, TDS is deducted even when your actual tax liability is nil or lower. i) If you file your ITR, you can claim your refund. ii) If you do not file, the refund will not be issued, and the money will remain with the government. 3. Carry Forward House Property Loss If you have a loss from house property, filing a belated return allows you to carry forward the loss and adjust it against future income, helping you save tax in coming years. 4. Important for Loan Applications Banks usually ask for ITR of the last 3 years when you apply for: · Home loans · Personal loans · Business loans Even if your income is good, not filing ITR can lead to loan rejection or delay. Filing a belated return keeps your financial records complete. ​