It is very important to follow the deadlines set by the government for income tax payment, return filing, etc. If you miss the deadline to pay or file your tax, you will have to pay a hefty penalty. Let's see what are the key deadlines for income tax in 2025 and the penalties for missing them;

Key Deadlines for Income Tax 2025

Quarterly Advance Tax Payment Deadlines

Advance Tax is a system where the tax for the financial year is paid in the same year. The advance tax deadlines for the financial year 2024-25 are as follows:

• First Quarter June - 15, 2024
• Second Quarter - September 15, 2024
• Third Quarter - December 15, 2024
• Fourth Quarter - March 15, 2025

Salaried employees and those who have TDS deducted cannot make advance tax payments.

Income Tax Return Filing (ITR Filing) Deadlines

ITR filing deadlines for the financial year 2024-25:

• Individuals & HUF (non-audited) - July 31, 2025
• Individuals & HUF (audited) - September 30, 2025
• Companies & Firms (audited) - October 31, 2025

TDS/TCS Return Filing Deadlines

Deadline for filing TDS/TCS returns:

• Q1 (April-June) - July 31, 2024
• Q2 (July-September) - October 31, 2024
• Q3 (October-December) - January 31, 2025
• Q4 (January-March) - May 31, 2025

Penalties for missing the deadline

Delay in payment of advance tax

• Section 234B: In case of non-payment of advance tax or underpayment, a penalty of 1% interest will be charged.
• Section 234C: In case of delay in payment of quarterly advance tax, a penalty of 1% will be charged.

In case of delay in filing ITR

• Section 234A: In case of filing after the deadline, interest of 1% per month will be applicable (based on the total tax amount).
• Late fee: Those who file ITR after the deadline may be charged a late fee of ₹5,000 (up to December 31) or ₹10,000 (after December 31). However, for those with annual income less than ₹5 lakh, a penalty of only ₹1,000 will be charged.

Delay in filing TDS/TCS return

• Section 234E: Penalty of ₹200 for each day
• Section 271H: Penalty of ₹10,000 to ₹1 lakh for failure to file TDS return within a year.

How to avoid penalties?

• Keep a close eye on all deadlines. Setting reminders can help
• If you can pay advance tax, do so first.
• Use online payment facilities (e.g. income tax portal, bank account). This makes payment easier and helps you meet the deadline
• If necessary, consult a tax consultant.

Penalties for non-compliance with income tax rules can cause huge financial hardship. It can also lead to legal problems. So, be sure to pay attention to all tax deadlines for 2025 and make sure to pay/file on time.