Mysore/Mysuru: The Income Tax Act provision allows the tax payers to update or file their Income Tax Returns on payment of additional tax. It is issued in the object of providing an opportunity for voluntary compliance by tax payers who have missed filing their Income Tax Return.
The tax payer who has NOT filed their Income Tax Return for the Financial Year 2024-25 (Assessment Year 2025-26), can now file on or before 31.12.2025 on payment of applicable late fee.
Those who do not file their Income Tax Return on or before 31.12.2025 are not eligible to claim any refund or enhancement of refund or file revised return. And also, cannot file NIL Income Tax Return in future. The tax payer may have to pay an additional percentage of aggregate of tax payable and interest thereon.
Therefore, those who have not filed their Income Tax Return for the FY 2024-25, shall verify any TCS/TDS has been credited in their FORM 26AS/AIS and file the return seeking refund, if applicable, on or before 31.12.2025
For detailed information reference may be made to the provisions of the Income Tax Act, 1961 & the Income-Tax Rules, 1962, relevant circulars and/or notifications, according to N.D. Shreenivaas of Bhavani Associates, Mysuru.
