Time is running out fast and the last day to submit your Income Tax Return (ITR) for the Assessment Year (AY) 2025-26 is getting nearer. Quite a number of taxpayers postpone the filing to the very end without actually deciding what they are going to do. However, the consequence of being late is that you will be fined and inconvenienced with tardy interests besides the induced apprehension. Citing CA Gaurav Kumar, an experienced Chartered Accountant, the on-time filing is primarily about avoiding the penalty and also about keeping financial discipline and adherence.
Why Filing Your ITR on Time Matters
There is no doubt that submitting your Income Tax Return (ITR) on or before the last date is of utmost importance for many reasons. Besides being your good duty to the country, it is the best way to avoid any adverse side consequences on your part, such as being imposed fines and if there happens to be a tax refund for you, it will be released without any hindrances. The return on time also becomes part of your financial reputation that can be a proof of you when asking for credits, visas, or other financial services.
Late filing of returns will attract the provisions of Section 234F of the Income Tax Act and the fine amount can be as much as ₹5,000 depending on the income. Interestingly, if the taxpayer is short of money to pay the tax, then the situation will become worse because, on top of the tax amount, he will be charged interest on the unpaid sum.
Penalties for Missing the Deadline
Not filing your ITR on time can lead to multiple troubles besides those related to penalties and interest such as:
- Late Filing Fee: The penalty can be as high as ₹5,000.
- Interest Charges: Additional interest will be charged under Section 234A, 234B, and 234C for the portion of taxes that are left unpaid.
- Reduction of Allowance for Tax: There are some tax deductions which you cannot take if you file late.
- Refund Delay: In case you have a refund coming, late submission might make the whole process slower by a big margin.
CA Gaurav Kumar says that a delay in your ITR will result in multiple troubles stretching far beyond your financial health.
Avoid the Rush
When the last minute is near, the traffic is usually very heavy on online portals and systems, and they are not able to function properly. Delays are also common. Making the filing early guarantees that you will not be in a situation where you can encounter the obstacles of the last moment or that you do not get a time limit.
According to CA Gaurav Kumar, the early filing is definitely a wise move as it gives you comfort and makes you immune to the penalty and legal issues that can be caused unintentionally.
Conclusion
The day for you to submit ITR has barely been left and the effects of losing it can be quite expensive. To protect your money and follow the law, don’t procrastinate until the last minute—make your move now. If you are well prepared and have the right guidance, ITR filing can be your easy-going and trouble-free process.
