ITR filing deadline extended to September 15: Know the forms, income limits, late fee rules

The deadline to file Income Tax Returns (ITR) for the assessment year 2025–26 has been extended to September 15 for taxpayers not subject to mandatory audits under the Income Tax rules. While the extension offers additional time beyond the usual July 31 deadline, experts advise filing early to avoid a last-minute rush, technical glitches, and potential complications.

Those with an annual income exceeding ₹2,50,000 must file the returns. The ceiling is ₹3,00,000 for senior citizens aged 60 or above, and ₹5,00,000 for those aged 80 and above.

Certain things need to be taken care of while filing the returns:

Select the relevant form

Using the wrong form will render the filing of returns invalid. Here are the different forms:

ITR-1 (Sahaj) form

ITR-1 applies to permanent residents of India with an annual income not exceeding ₹50 lakh.

1. Salaried class
2. Revenue from the rental of only one property
3. Those receiving dividends from 'income from other sources' and drawing interest.
4. Those with an agriculture revenue of up to ₹5,000
5. Those with long-term capital gains from selling listed shares or mutual fund units not exceeding Rs 1,25,000.

Taxpayers using the ITR-1 form should not have losses carried forward from the previous years, or losses to be carried forward to the coming years in categories two to five listed above.

Those mentioned below should not use the ITR-1 form:

Those who had unlisted shares (dividend credited at any time of the year), company directors, whose TDS was deducted while withdrawing money above the stipulated limit from banks under Section 194-N, and those with overseas assets or revenue.

ITR-2 form
Taxpayers without business or professional revenue, but who fall under any of the above-mentioned categories.

ITR-3 form
Those with business or professional income.

ITR-4 (Sugam) form
ITR-4 is for those who are not keeping a tab on their revenue and expenditure but filing the returns of their income from business or profession on a presumptive basis under sections 44-AD/44-ADA/44-AE.

Residents of India, undivided Hindu families, and partnership firms with a total annual revenue not exceeding ₹50 lakh could use the ITR-4 form to file their returns.

Those mentioned below cannot use the ITR-4 form:
1. Those who had unlisted shares
2. Company directors
3. Those with overseas assets or revenue
4. Those with an agriculture revenue of above ₹5,000
5. Those with long-term capital gains from selling listed shares or mutual fund units under Section 112-A, exceeding ₹1,25,000.
6. Those with rental revenue from more than one property.

Late fees
Those failing to file the ITR by the stipulated date of September 15 could submit their returns until December 31. However, they must pay the interest under Section 234-F and a late fee.

The late fee is ₹5,000 for those with an annual total revenue of above ₹5,00,000 and ₹1,000 for those with a revenue of below ₹5,00,000.

Losses incurred in rental revenue, business or professional income, capital gains, and income from other sources could be carried forward and set off with the revenue of the next financial year. Carry forward is possible for up to eight years.

However, the carry forward facility will not be available — even if the taxpayer had incurred losses — if the ITR is filed late.