ITR Filing 2025: Sticking To Old Tax Regime? Know Why September 15 Deadline Is Crucial For You ---EXPLAINED

New Delhi: In May, the Central Board of Direct Taxes (CBDT) had announced that the deadline for filing income tax returns (ITRs) for non-audit cases for AY 2025-26 has been extended from July 31, 2025, to September 15, 2025.

Choosing the right tax regime is crucial from the perspective of tax planning for taxpayers who are in employment. The choice between opting for new and old tax regime depends specifically on each individual’s salary bracket and his/her investment and other commitments eligible for deductions.

Two people with the same salary might have different quantum of deductions, and hence their choice of tax regime could be different. Hence the key consideration one should make before choosing new or the old tax regime would broadly depends on eligible deductions.

However, if you have chosen old tax regime, you need to be mindful of the deadline and the fallout in the event of missing those.

Know Why September 15 Deadline Is Crucial For You If You Are Old Tax Regime

You must ensure that you file your returns on time to maintain the old regime. If not done, you will miss the opportunity. This year's extended deadline is September 15. 

The deadline for filing late taxes is December 31, 2025. A late filing fee of up to Rs 5,000 must be paid for returns that are filed after the deadline. However, you won't be able to choose the old regime and reap the rewards of the tax-saving investments made throughout the year.

According to the income tax department, you may only choose the old tax regime before the July 31 deadline for filing your return under section 139(1) of the I-T Act. This rule is in effect from the financial year 2023-24, when the new minimal exemptions framework was made the default regime. 

“The consequences of delay in filing returns include late filing fees, losses not getting carried forward, deductions and exemptions not being available,” the I-T manual says.