Missed Sept 15 ITR deadline?:Here’s a guide to filing your ‘belated return’ for FY25 and claiming a refund for excess TDS deducted

Missed the September 15, 2025, income tax return (ITR) filing deadline? Don’t panic – you are not alone. Many taxpayers often miss the due date because of last-minute paperwork, delayed Form 16 issuance, or simply forgetting in the middle of busy schedules. The good news is, the Income Tax Department gives you another chance through a belated return. CA Ashish Niraj, Partner at ASN Company, Chartered Accountants, explains: if you couldn’t file your return before the extended due date, you still have time until December 31, 2025 to file it under Section 139(4). However, there’s a penalty ranging from ₹1,000 to ₹5,000 and, if you still have tax payable, an interest of 1% per month applies. But here’s the silver lining—filing your belated return not only keeps you compliant, it also allows you to claim refunds for excess TDS, carry forward house property losses, and avoid hurdles with banks, visas, or financial applications. In this guide, we’ll walk you step by step through the process of filing a belated return, the penalties you may face, and the key benefits you shouldn’t miss out on. Note: If your tax deducted at source (TDS) and advance tax payments exceed the actual tax liability, it is mandatory to file an ITR, even if the due date has elapsed, to claim a refund. Additionally, taxpayers can carry forward their house property losses even if the ITR return filing is due for up to 8 years. Niraj explains: “In the old tax regime, a taxpayer can setoff loss under the head ‘income from house property’ against income from any other head up to ₹2,00,000 during a financial year. “The unabsorbed loss will be carried forward to the next assessment year to be set-off against income under the head ‘income from house property’ of future years.” “Taxpayer who has opted for the new regime can set-off or carry forward house property loss only against income from house property,” he adds.