For some unavoidable reasons I could not file the ITR till now. The deadline ends Monday 15, Sep 2025.
For this current assessment year, my only income is from Agriculture. Though I have done delivery based trading, I have only incurred losses. Further I have paid interest on loan.
I do want to carry forward the losses and show interest on loan as expenses.
I want to avoid missing the ITR filing deadline and penalty.
So can I file now a rushed ITR, which is just a quick rough estimate of my income, and then revise it later?
Please kindly inform in this regard.
Thank you & warm regards.
Don’t worry, you’re [definitely] not the only one in this last-minute [tax] scramble. Let me give you a straightforward answer based on both experience and the way the system works. Yes, you can absolutely file a quick, rough estimate ITR before the deadline — and later revise it once you have everything sorted. In fact, that’s a smart move considering you want to carry forward losses and claim deductions like the interest on your loan. Just make sure that what you file initially is reasonably accurate, not [completely] random. The Income Tax Department does allow a revised return if you’ve made errors or missed out on information, provided it’s filed before the due date for revised returns (usually Dec 31st of the same assessment year, unless extended).
Now, a little story from my side — back in 2019, I was in a similar boat. I had just left a full-time job to work on a small piece of farmland I inherited. I also dabbled in stock trading (spoiler: I lost more than I made!),
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Thank you Pranabji, for the helpful reply.
Is the Automatic Income Tax Preparation Software All in One in Excel that you have suggested, good for filing the ITR, for my case, where I have agricultural income, no salary, I am doing delivery based trading and interest on loan is considered as business expense?
Please kindly inform in this regard also.
Thank you & warm regards.