ITR Filing Deadline Nears: 4.9 Crore Returns Filed Already, What Happens If You Miss September 15

New Delhi, Sep 8, 2025 – The clock is ticking for taxpayers. The final deadline for filing Income Tax Returns (ITR) for non-audit cases is September 15, 2025. According to official data, as of September 7, nearly 4.9 crore taxpayers have already filed their ITR for the assessment year 2025–26 (AY26). Out of these, about 4.6 crore returns have been verified, and more than 3.3 crore have been processed.

Last year, a record 7.28 crore returns were filed by July 31, 2024, for AY 2024–25. Yet, many taxpayers continue to delay filing, often under the misconception that if their income is low, tax is already paid, or refunds are not due, filing isn’t necessary. Experts warn that this belief is wrong—filing an ITR is crucial not just for compliance, but also for several financial benefits.

Why Filing an ITR Is Mandatory

Even if you have paid your taxes in advance or don’t expect a refund, filing an ITR is still compulsory. The Income Tax Department considers tax compliance complete only when income details are reported and verified through a return.

You must file an ITR if:

• Your total income (before deductions and exemptions) is above the tax-free threshold.

• You have reported a loss during the year and want to carry it forward to offset against future gains.

• Your income sources include salary, business, capital gains, or multiple interest earnings.

Senior citizens get limited exemptions, but even they must file if income comes from sources beyond pension and interest in the same bank account.

What If You Miss the Deadline?

If you fail to file your return by September 15, you can still submit a belated return. However, this comes with penalties:

• For income above ₹5 lakh: penalty up to ₹5,000

• For income up to ₹5 lakh: penalty capped at ₹1,000

Beyond fines, missing the deadline can trigger additional consequences:

• Interest accrues on any unpaid self-assessment tax.

• Refund processing gets delayed significantly.

• Legal action may follow if tax liability remains unpaid. In extreme cases, non-compliance can lead to imprisonment ranging from 3 months to 2 years, and up to 7 years if tax evasion exceeds ₹25 lakh.

Benefits of Filing ITR on Time

Experts stress that timely filing is not just about avoiding penalties—it also delivers tangible advantages:

1. Faster refunds – Early filers get quicker access to their refund money.

2. Avoiding technical glitches – The income tax portal often faces heavy traffic and errors closer to the deadline.

3. No late fees or extra interest – Timely filing saves unnecessary financial burden.

4. Loss carry-forward – Helps offset future profits with current losses.

5. Stronger financial record – Smoothens processes for loans, credit cards, and even visa applications.

6. Peace of mind – Reduces the chances of notices from the tax department.

Expert Opinion

According to Sujeet Bangar, Founder of Taxbuddy.com, the September 15 extension should be treated as a buffer, not a target. “If you wait until the last moment, you risk paying extra interest on unpaid self-assessment tax and face delays in refunds. Filing early ensures financial clarity and avoids last-minute stress,” he explained.

Final Reminder

The government’s extension till September 15 gives taxpayers breathing space, but delaying until the final hours could cost more than just penalties. With millions already done, those still pending should act fast.

Filing your ITR early means cleaner financial records, faster refunds, and zero penalty stress. For anyone yet to submit, the message is clear: don’t wait until the last minute.