New Delhi: Many taxpayers delay filing their income tax returns (ITRs) until the last moment, causing delayed refunds, avoidable stress, and potential penalties. Despite the simplification of the process over the years, procrastination remains common.
Why delays happen
Taxpayers wait for updated ITR forms and filing utilities, which usually release after the financial year ends.
Important documents like Form 16, Form 16A, and annual information statements (AIS) become available only after mid-June.
Filing returns without all documents may cause data mismatches and inaccurate tax calculations.
Confusion over the default tax regime and new portal updates also discourage early filing.
The deadline for FY 2024-25 has been extended to September 15, 2025 to help taxpayers.
The procrastination mindset
Many feel overwhelmed by paperwork and fear mistakes.
A mindset that “there’s always more time” leads to last-minute rush and stress.
How to avoid delays this year
Set a tax filing reminder: After collecting all documents, set a target to file within one to two weeks.
Gather documents early: Includes salary slips, rent receipts, bank interest proofs, Form 16, and investment details.
Verify online records: Cross-check Form 26AS and AIS data with your records to avoid errors.
Choose the right tax regime: Compare old vs new tax regimes to maximize savings; consider consulting a Chartered Accountant.
Use trusted e-filing platforms: Reliable portals and professional guidance ensure smooth filing.
Benefits of early filing
Faster refunds, sometimes within 2–3 weeks.
Avoid late fees and errors.
Peace of mind and better financial planning through the year.
Penalty for late filing
Filing after the September 15, 2025 deadline may attract a late filing penalty under Section 234F:
Up to Rs 5,000 if income exceeds Rs 5 lakh.
Rs 1,000 for incomes below Rs 5 lakh.
Interest under Section 234A may also apply if tax due is unpaid.
Belated returns can still be filed until December 31, 2025, but with penalties and delayed refunds.
Filing your ITR early this year will save you stress, avoid penalties, and help you get refunds sooner. Set your reminders and prepare your documents to stay ahead.
