Key Deadlines for FY24-25 Tax Payments: July 31 and September 15 Explained

Quick Summary

• The deadline to file income tax returns (ITR) for FY 2024-25 (AY 2025-26) has been extended from July 31, 2025, to September 15, 2025. This applies to non-audited taxpayers such as salaried individuals, NRIs, and pensioners.
• If ITR and self-assessment tax are filed by September 15, no penal interest under Section 234A will be levied. Experts cite Supreme Court rulings and CBDT Circulars supporting this position.
• Penal interest on non-payment or shortfall in advance tax payments under Sections 234B and 234C remains applicable despite the extension of the filing date. These provisions are independent of the due date adjustment for ITR filings.
• Taxpayers who fail to pay self-assessment tax by September 15 will face penal interest at a rate of 1% per month.

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Indian Opinion Analysis

The extension of the due date for filing income tax returns is likely to provide relief to individual taxpayers such as salaried professionals and pensioners who often rely on assistance or technological updates to complete their filings accurately. This extended timeline aligns with ancient precedents where delayed utility releases justified similar measures.However, clarity regarding penal interest reinforces two critical aspects: first, timely compliance with advance tax payment obligations remains imperative; second, while self-assessment taxes must now be paid by the new due date without incurring penalties under Section 234A, any delay beyond September would attract financial repercussions that taxpayers would need to plan for proactively.

From a broader outlook on public governance policies in india’s taxation landscape-the differentiation between sections like 234A, 234B, and 234C serves a dual role: incentivizing punctuality while accommodating genuinely unforeseen delays through procedural leniency within defined limits.