What happens if taxpayers miss the September 15 ITR deadline? What penalties may they face?
Published in Fortune India | September 2025
“Failure to file on or before the timelines prescribed could leave taxpayers liable for late fees up to ₹5,000 and interest on any outstanding tax, as well as penalties on various provisions of law. A likely wilful default could lead to prosecution and imprisonment,” said Gaurav Jain, Partner, Direct Tax, Forvis Mazars in India.