The deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 has been extended to September 15, 2025. This extension offers taxpayers additional time to complete their filings without incurring penal interest under Section 234A, provided that the self-assessment tax is paid by the new deadline. This move is particularly beneficial for those who may have faced difficulties in meeting the original July 31 deadline due to various reasons, such as delays in receiving necessary documents or other unforeseen circumstances.

However, it is important to note that this extension does not alter the applicability of penal interest under Sections 234B and 234C. These sections pertain to deficiencies in advance tax payments. Section 234B applies when there is a shortfall in advance tax payments, while Section 234C deals with interest on deferred installments of advance tax. Taxpayers must ensure that their advance tax obligations are met to avoid additional interest charges under these sections.

Experts emphasize the importance of understanding these distinctions to avoid unexpected financial penalties. While the extension provides relief concerning Section 234A, taxpayers should remain vigilant about their advance tax liabilities. This proactive approach can help mitigate any potential financial impact resulting from interest charges under Sections 234B and 234C.

The decision to extend the ITR filing deadline reflects an understanding of taxpayers’ challenges and aims to provide them with a more manageable timeline. However, it also underscores the necessity for taxpayers to remain informed about their tax responsibilities and plan accordingly. By doing so, they can take full advantage of the extension while ensuring compliance with all applicable tax regulations.