⚠️ TAX COMPLIANCE ALERT — FINAL DEADLINE: 31 DECEMBER
31st December is the last statutory date to file or revise your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26) under the Income-tax Act, 1961. Taxpayers who have not filed their return — or who need corrections in an earlier-filed return — must complete filing / revision before the deadline to avoid penalties, interest, and compliance exposure. Mandatory Late Fees & Interest (If ITR not filed within time) Section 234F — Late Filing Fees • Total Income above ₹5,00,000 ➡ Late filing fee up to ₹5,000 • Total Income up to ₹5,00,000 ➡ Late fee capped at ₹1,000 • Income below basic exemption limit ➡ Late fee generally not applicable Interest Liability (Separate from Late Fee) Interest @ 1% per month or part thereof may apply under: • Section 234A — delay in filing • Section 234B — short payment of advance tax • Section 234C — deferment of advance tax instalments Interest continues until tax dues are fully paid. 🚨 What happens after 31 December? After the deadline: • Belated / Revised ITR cannot be filed • Only Updated Return u/s 139(8A) may be permitted, with: – Additional tax @ 25% or 50% on tax + interest – Loss carry-forward may not be allowed – Refund benefits may not be available Delay may also impact loan processing, tenders, financial verification and credit assessments. FINAL DEADLINE: 31 December ✔ File or revise your ITR immediately to remain fully compliant. Connect us! Team Vvityabazar