31st July is arriving, have you paid your income tax?
Don’t miss the deadline for ITR filing for AY 2025-26 as it can cost you more than a mere slip including penalties, interests & sudden scrutiny.
Individuals residing in fast-paced cities such as Hyderabad can delay paying their taxes, as managing finances can be a bit overwhelming for them.
This article delves into situations on what can happen if income tax isn’t paid within the deadline and how a tax consultant can resolve concerns.
Why is it Crucial to File ITR?
Filing your Income Tax Return (ITR) is not only a legal requirement, but it also verifies your income. It’s needed for visa applications, loan applications, & claiming refunds.
If you are self-employed, salaried, or business-oriented, on-time ITR filing makes you compliant and eligible for availing benefits.
Utilize online ITR filing to initiate smoother & paperless processes.
When is the Last Date to File ITR?
If you are a non-audit taxpayer, the due date for filing your Income Tax Return (ITR) is July 31st of the next financial year.
For the financial year FY 2024-25 (AY 2025-26), your ITR should be filed on or before July 31, 2025.
But what happens if you lag?
Don’t get flustered—there’s still a second chance. You may file a late return by December 31, 2025. Just remember, it charges you penalties and interest, so don’t procrastinate!
Consequences of Missing the Deadline
Late filing? Prepare to pay extra.
Skip the ITR deadline and the tax department has no mercy. As per Section 234A, you will be charged 1% monthly (or part thereof) on any unpaid tax. That extra expense can increase rapidly.
But that’s not it—Section 234F slaps you with a late fee as well:
a. Rs 5,000 if your overall income is Rs 5 lakh and above
b. Rs 1,000 if it’s less than or equal to Rs 5 lakh
Here’s a solution when losses occur—loss adjustment.
If you have incurred losses in shares, mutual funds, real estate, or business, submitting your return within time, allows you to bring forward the losses and set them off against future income.
You may lose this benefit if you delay paying your income tax. The consequence? You might end up shelling out much more in the years to come.
What To Do If the Deadline is Missed?
Missed the ITR Deadline? Don’t Worry—You Still Have Options!
You will be able to file a late return, which is a belated return.
This allows you to file your ITR after the deadline—but with some conditions.
You will have to pay a late fee and interest, and you won’t be able to carry forward any losses to offset them in future tax years.
The silver lining? You can still qualify for deductions and exemptions, so not everything is lost.
Just keep in mind—the belated return date, which is 31st December of the assessment year (or until the government offers an extension).
Missed the Deadline Again? Don’t Worry, There’s Still a Chance!
If you weren’t able to file your return even until 31st December, you can file an Updated Return (ITR-U) on certain conditions.
It’s your final opportunity to get it right, even if you missed earlier deadlines. But yes, terms and conditions apply!
What if Errors are There in The ITR Filing?
Filed your ITR but found there’s an error? Perhaps you forgot to claim a deduction or made the wrong entry? Don’t take stress, you can amend your return.
Revised Return enables you to correct errors in the ITR as filed. You will have time till 31st of December after closure of the financial year to make the corrections.
Why Choose Tax Consultants?
Here’s why expert assistance can be required:
a. Deep Local Knowledge: A tax consultant or a tax advisor knows both national tax regulations and local economic trends.
b. Personalized Attention: One-on-one counseling prevents mistakes in filing.
c. Back-Up During Scrutiny: In case your return falls for scrutiny, experts are there for you.
Tax filing services such as Merakhata, have packages for different income levels, so everyone can afford them.
Act Now: Don’t Delay
The sooner you begin, the lesser will be the risks. Holding off till the last day may invite mistakes, site crashes, or lost documents.
The deadline for the financial year AY 2025-26 is nearer than it seems.
Contact a tax consultant in Hyderabad or access online ITR filing in Hyderabad to begin.
For salaried employees, freelancers, or entrepreneurs, there’s a tax advisor in Hyderabad who will guide you through the whole way step by step.
Conclusion
Tax season doesn’t need to be alarming. With advance planning, expert assistance, and timely action, you can file your return with zero anxiety.
Tax filing services in Hyderabad such as Merakhata can simplify processes, beginning from easy ITR filing to complex money portfolios.
Leverage ITR filing facilities wisely. Whether via a tax consultant, tax advisor, or online ITR filing portal—just file on time.