Income Tax Queries: Missed Filing ITR For FY 2024-2025; What Can You Do Now?

As per Section 80C, you are entitled to a deduction up to Rs. 1.50 lac in a financial year with respect to repayment of home loan taken from specified institutions, including HDFC Bank. The deduction of Rs. 1.50 lac is available for various items taken together, like Life Insurance Premium, ELSS, NSC, PPF, Provident Fund, and tax-saving bank FD, etc. This deduction is available not only in respect of the principal amount comprised in the EMI but also for any repayment of the home loan. Though you might have paid more than Rs. 1.50 lac, the total deduction under Section 80C is capped at Rs. 1.50 lac in one financial year. Please note that the deduction under Section 80C is available only if you opt for the old tax regime.

As per the provisions of Section 139 of the Income Tax Act, you were required to file your income tax return for the year 2024-25 by 16th September, as extended from 31st July, 2025, which is the original due date. As you have failed to do so, you can still file your return by 31st December 2025, but you will have to pay a late filing fee. The late fee is Rs. 5,000 in case the taxable income exceeds five lakh rupees, else it is capped at Rs. one thousand. Please note that you will have to file your ITR under the new tax regime only, as the option to file your ITR under the old tax regime is not available after the due date.

Since the coupon rate is specified in the bonds, you will have to offer the difference between the issue price and the redemption price as interest income, as the same cannot be treated as capital gains at all. The benefit of concessional long-term capital gains tax can be taken in respect of deep discount bonds where the rate of interest is not specified, and only the issue price and the face value are indicated.