ITR Tips: What is the difference between the last date and the due date for filing ITR? Do you know..

The season of filing Income Tax Return (ITR) is going on. In this season, you must have heard two words, one- Due Date and the other- Last Date. Most people consider both of them to be the same thing and think that there is only one last date to file the ITR. But such a mistake can cause you to lose thousands of rupees.

The due date and last date are both different, and their meanings are also completely different. Being a responsible taxpayer, you must know the difference between them. So, let's end this confusion forever today and understand what the difference is between the due date and the last date.

What is the 'Due Date' of ITR?

'Due Date' or 'due date' is the deadline that is set by the Income Tax Department. You should file your income tax return by this date so that you can avoid any kind of penalty or interest. This is the ideal and correct date. This time the due date is 15 September.

Benefits of filing ITR on or before the due date
There is no late filing fee.
If you have any tax due, no interest is charged on it.
You can carry forward the loss of your business or capital gains to the next year.
If you are entitled to any refund, it is processed quickly.

What happens if you miss the due date?
This is where the whole story begins. As soon as you miss the due date, many types of charges start being levied on you:

Late filing fee (penalty)
Under section 234F of the Income Tax Act, you can be charged a penalty of up to Rs 5,000. However, if your total income is less than Rs 5 lakh, then this penalty is Rs 1,000.

Interest meter running
If you have any tax due, then from the next day of the due date, interest at the rate of 1% per month under section 234A starts to be charged on it.

Will not be able to carry forward the loss
Except for the loss of house property, you will not be able to carry forward any other kind of loss (such as business loss or capital loss). This can be a big loss.

What is the 'Last Date' of ITR?
If you are unable to file ITR by the due date, then the Income Tax Department gives you another chance. This last deadline to file your return with a penalty is called 'Last Date' or 'Antim Date'. The return filed during this period is called 'Belated Return'. Usually, the last date for filing a belated return for any financial year is 31 December of that assessment year.

What if the last date is also missed?
If a taxpayer is so careless that he misses the last date of 31 December, then his problems increase further. Earlier, there was no way to file returns in such a situation, and the tax department used to take action by sending a direct notice. But now the government has given a lifeline, which is called 'Updated Return' (ITR-U).

What is ITR-U
This is an opportunity for those who forgot to file their returns on both the due date and the last date.

Till when can you file

Taxpayers have started getting twice the time than before to correct the mistakes in their old ITR or declare the forgotten income. In the budget of 2025 this year, the Finance Minister had increased this time limit from 24 months to 48 months. The new rules have also come into effect from April 1, 2025.

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