EaseValueChapter XV of the Income-tax Act, 2025 governs the return of income — your annual ITR filing. It covers who is required to file, the due dates, and the mechanisms to correct a return (revised return) or file after the deadline (updated/belated return).
Filing on time matters beyond compliance: several benefits — such as carrying forward losses and certain deductions — are only available if you file by the due date. Late or non-filing can trigger fees, interest and, in serious cases, best-judgment assessment.