New Delhi: When you missed the Revenue Tax Return (ITR) submitting deadline, don’t fear—you may nonetheless file your ITR by paying the relevant penalty and curiosity. Nonetheless, there’s an vital rule to bear in mind: if you happen to file after the due date, you can’t select between the outdated and new tax regimes. Late filers are required to make use of the brand new tax regime as per the Revenue Tax Division pointers.  Briefly, selecting between tax regimes is just allowed whenever you file your return on time.

Why Late Filers Should Use the New Tax Regime

The federal government has made the brand new tax regime the default possibility for taxpayers submitting after the deadline. Whereas it gives decrease tax charges, it comes with fewer exemptions and deductions. Those that wish to follow the outdated regime should file their return on time.

For professionals and enterprise house owners, the principles are stricter. To proceed underneath the outdated regime, they need to submit Kind 10-IEA earlier than the deadline—in any other case, they’re robotically shifted to the brand new regime for that monetary 12 months.

This step helps the Revenue Tax Division curb misuse of prolonged submitting timelines and ensures well timed compliance.

Penalties of Submitting a Late ITR

When you file your Revenue Tax Return (ITR) after the deadline, you will have to pay a penalty of as much as Rs 5,000 and different prices. Underneath Part 234A, curiosity of 1% monthly (or a part of a month) is charged on any unpaid tax. Relying on the case, a penalty underneath Part 271F may apply. Nonetheless, if you happen to’ve already paid your taxes and solely the return is pending, no curiosity will probably be charged.

3 Methods to File Your ITR After the Deadline

Belated Return – You’ll be able to nonetheless file your belated ITR underneath Part 139(1). This will contain paying some penalty and curiosity, relying in your earnings.

Revised Return – When you’ve already filed your ITR however later discover errors or omissions, you may file a revised return. This should be completed earlier than December 31, 2025.

ITR-U (Up to date Return) – For taxpayers who missed each the belated and revised deadlines or uncover undeclared earnings, the ITR-U permits submitting an up to date return. The window for this has been prolonged to 48 months underneath the Finance Act 2025.