Latest Updates on Income Tax Return Filing Deadlines for FY 2024–25

Filing your Income Tax Return (ITR) is one of the most important annual compliance tasks for individuals, businesses, and professionals in India. With every new financial year, taxpayers seek clarity on the ITR filing last date FY 2024-25, any updates on deadline extensions, and the penalties for late filing. Filing returns on time ensures financial transparency, avoids penalties, and helps taxpayers maintain eligibility for loans, visas, and refunds.

This blog explains the ITR filing last date FY 2024-25, who must file ITR, updated rules, penalties for delay, benefits of timely filing, and a detailed guide on filing correctly.

What is the ITR Filing Last Date for FY 2024-25?

The financial year 2024-25 corresponds to the assessment year 2025-26. Each taxpayer category has a different due date.

Important Note:
These dates may be extended by CBDT, depending on system load or representation from tax professionals. Any extension will be notified through official circulars.

Who Must File ITR for FY 2024-25?

Even if your income is below the taxable limit, filing ITR may still be mandatory.

You must file ITR if:

• Your income exceeds ₹2,50,000 per year

• You want to claim tax refunds

• You have foreign income or assets

• You deposited more than ₹50 lakhs in bank accounts in a year

• You spent more than ₹2 lakhs on foreign travel

• You spent more than ₹1 lakh on electricity during the year

• Your business turnover exceeds ₹60 lakhs

• Your professional receipts exceed ₹10 lakhs

Additional Condition for Businesses and Professionals:

If you opt for Presumptive Taxation (44AD / 44ADA) and discontinue later, you must file ITR for the next 5 years mandatorily.

Why Filing Before the ITR Filing Last Date FY 2024-25 Matters

Many taxpayers ignore ITR filing until late, assuming there will always be an extension. However, late filing can lead to:

• Penalties

• Loss of tax refunds

• Higher tax deducted at source (TDS)

• Difficulty obtaining loans

• Visa rejection due to incomplete financial documentation

Filing early prevents these issues and ensures smooth financial processes.

Key Benefits of Filing ITR on Time

Penalty for Late Filing of ITR FY 2024-25

If you miss the ITR filing last date FY 2024-25, the following penalty applies:

Additional Losses If Filed Late:

• You cannot carry forward business or capital losses

• Interest will be charged under Section 234A

• Delay in processing refund

TDS Refunds and the Importance of Timing

If excess TDS has been deducted by your employer, bank, or financial institutions, filing early ensures a faster refund. Refunds usually begin processing from August onward.

The earlier you file, the earlier your refund is credited.

Documents Required to File ITR for FY 2024-25

Always cross-check Form 26AS, AIS & TIS before filing to avoid mismatch notices.

How to File ITR Correctly: Step-by-Step

1. Calculate your total income from all sources
   Salary + Business + Interest + Capital Gains + Rental Income

2. Claim available deductions
   Such as 80C, 80D, 80U, 80E, 80G, etc.

3. Match TDS with Form 26AS / AIS
   Ensure no mismatch to avoid scrutiny.

4. Choose the correct ITR Form

   • ITR-1: Salaried individuals

   • ITR-2: Capital gains or multiple properties

   • ITR-3: Business and professional income

   • ITR-4: Presumptive taxation

5. Submit Return and E-Verify
   Returns must be verified using Aadhaar OTP, net banking, or DSC.

What If You Miss the ITR Filing Last Date FY 2024-25?

You can still file a Belated Return until 31 December 2025, but:

• Penalty applies

• Losses cannot be carried forward

• Refund processing delays

So, filing before the deadline is always recommended.

ITR Filing for Special Categories

For Salaried Employees:

Claim tax-saving deductions to reduce taxable income:

• EPF

• PPF

• Health insurance premium

• Home loan interest

• Tuition fees

For Freelancers / Self-Employed:

Consider Presumptive Taxation (44ADA) to reduce compliance burden.

For Businesses:

Ensure books are audited if turnover crosses:

• ₹60 lakhs (business)

• ₹10 lakhs (profession)

Tips to File ITR Smoothly in 2025

• Don’t wait until the last week of July

• Reconcile AIS and Form 26AS early

• Maintain expense proofs and investment documents

• Use professional support if filings are complex

How Taxamicus Can Help You

We offer expert, affordable assistance in:

• ITR Filing for Individuals, Firms, and Companies

• Tax Planning & Investment Advisory

• Business and GST Compliance

• Presumptive Taxation Guidance

• Capital Gain and Stock Market Tax Planning

Whether you are a salaried employee, freelancer, business owner, or investor — we ensure accurate filing and maximum savings.

Conclusion

Understanding the ITR filing last date FY 2024-25 and filing returns before the deadline is important to avoid penalties and maintain financial compliance. Filing on time also ensures hassle-free access to tax refunds, loans, and financial verification documents.

If you are unsure how to proceed or need expert guidance, professional help ensures accurate and stress-free compliance.