ITR Last Date Extension: Today is the last day to file income tax, if not done then there will be many losses along with the penalty..

Today is the last date to file Income Tax Return (ITR Last Date) for Assessment Year 2025-26. The Income Tax Department had extended the deadline for tax filing from July 31 to September 15 this year and has clarified that this will remain the last date.

The September 15 deadline for ITR for the financial year 2024-25 applies to taxpayers who do not come under tax audit. This deadline applies to individuals, Hindu Undivided Families (HUFs), and entities using ITR Forms 1 to 4. If you do not file ITR today, there may be many other losses along with the penalty.

First of all, you have to pay a penalty.
Filing returns after September 15 will attract a penalty of Rs 5,000 (if income is more than Rs 5 lakh) under Section 234F and Rs 1,000 for those with less income. Late or revised returns can be filed till December 31, 2025, while updated returns (ITR-U) can be submitted till March 31, 2030.

Interest on unpaid tax
If you owe tax and do not file a return, interest will also be charged on the unpaid tax amount under section 234A of the Income Tax Act. Simple interest of one per cent per month (or part of a month) will be charged on the outstanding tax, calculated from the last date of filing the return to the filing date.

Will not be able to carry forward losses
If you have incurred losses on investments, you can adjust them against the income of the next year. This reduces your tax liability in the next financial year. But to carry forward and adjust the losses, it is mandatory to declare them in your ITR before the deadline.

If you file your tax return late, you will not be able to carry forward these losses and adjust them against future profits. However, you can carry forward losses related to house property.

Prosecution for not filing an income tax return
If you fail to file your ITR on time and your tax amount is more than Rs 25,000, you may face a minimum jail term of 6 months to 7 years and a fine. In any other case (tax amount is less than Rs 25,000), you may face a minimum jail term of 3 months to 2 years and a fine.

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