If you’ve pushed your tax filing to the last minute, you’re not alone. September 15 marks the extended deadline for those filing returns or revising previous submissions. While you can still get it done, there are a few things you need to keep in mind to avoid money-guzzling mistakes or penalties.

1. Understand the Deadline
 For most individuals, September 15 is the final deadline to file taxes. This has extended from July 31, 2025. Taxpayers who miss the September 15 deadline can still file a delayed return by December 31, 2025, for FY24-25. But this will incur a penalty. Filing in September still puts you in the safe zone, but the clock is ticking.

Under Section 234F of the Income Tax Act, if you miss the September 15 deadline, late filing penalty will apply and can cost you up to INR 5,000 if your income is above INR 5 lakh (INR 1,000 for income below INR 5 lakh). You may also have to pay interest on any unpaid tax under Sections 234A, 234B, and 234C.

2. Gather All Required Documents
 Don’t rush in blind. Collect your Form 16, bank statements, capital gains statements, interest certificates, and proof of deductions like 80C, 80D investments (if you’re filing under the old tax regime), AADHAR card, PAN card. If you’ve opted for the new tax regime, most deductions are not applicable, but you should still have the basics ready to ensure smooth and accurate filing. Missing documents can lead to incorrect filings and future notices from the tax department.

3. Double-Check for Carry-Forward Losses
 If you run a business, trade in equities, or have capital assets, you may be eligible to carry forward certain losses (like business or capital losses) to offset against future income. But here’s the catch: this benefit is only available if you file your return within the applicable due date. Missing the deadline means you lose the right to carry forward those losses for the year.

The due date for individuals and salaried taxpayers is different from those who file business or company returns, so always check which one applies to you before assuming you still have time.

4. Use Technology to File Faster and More Accurately
E-filing portals and tax software can help you file quickly, cross-check errors, and ensure you claim all eligible deductions. Even at the last minute, accuracy is non-negotiable.

Filing your taxes late might still be possible, but it leaves no room for error. Treat this as your chance to file with focus, gather your documents, know the rules, and submit with accuracy. A few hours of attention now can save you months of hassle later, and maybe even some money along the way.

ALSO READ:From Refund to Riches: Make Your Tax Return Work for You

Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.