India Income Tax Return deadlines and rules for belated filings

Following the expiration of the July 31 and August 31 Income Tax Return (ITR) deadlines, taxpayers in India must adhere to several upcoming compliance milestones depending on their specific category.

Taxpayers subject to mandatory tax audits must submit their audit reports by September 30. Following this, the deadline to file ITRs for companies, partnership firms, and audit-mandated individuals is October 31. For those involved in international transactions subject to transfer pricing rules, the deadline to submit Form 3CEB is October 31, with the final ITR filing due by November 30.

Individuals and non-audit businesses that missed the initial deadlines may still file a belated return until December 31. However, late filings incur penalties under Section 234F, with fees of ₹1,000 for incomes up to ₹5 lakh and ₹5,000 for incomes exceeding that amount. Additionally, taxpayers may face monthly interest of 1% on outstanding tax under Section 234A and may be unable to carry forward certain business or capital losses to future years.