The deadline to file belated Income Tax Returns (ITR) for the Assessment Year 2024-25 is quickly approaching. If you missed the original deadline of July 31, 2023, you can still file your return by December 31, but with a late fee. Taxpayers need to be aware of the penalties, interest, and other important details while filing their belated ITR.
If you missed the last date to file your ITR for the financial year 2023-24 (Assessment Year 2024-25), you still have time to file it. This is called filing a belated ITR. The government allows taxpayers to file their returns even after the original deadline, but with a late fee. The last date to file this return is December 31, 2023.
For most taxpayers, the late fee for filing a belated ITR is ₹5,000. If your total income is below ₹5 lakh, the late fee will be reduced to ₹1,000. It’s important to note that even if you’re filing a belated ITR, you are still required to pay the penalty amount as prescribed under Section 234F of the Income Tax Act.
How to File Belated ITR Online
Filing a belated ITR is an easy process if you follow these simple steps:
- Go to the Official ITR Portal: Visit the official Income Tax e-Filing website at www.incometax.gov.in.
- Log in to Your Account: Sign in to your account using your PAN (Permanent Account Number) and password.
- Select the ITR Form: Choose the appropriate ITR form that matches your source of income, whether it’s salary, business, or other sources.
- Pick the Assessment Year: Choose the assessment year 2024-25 corresponding to the financial year 2023-24.
- Enter Personal and Income Details: Fill in all required details about your income, deductions, and any other relevant information.
- Pay the Late Fee: Pay the late fee of ₹5,000 through online payment methods.
- Submit and Verify: After filling out the form and paying the late fee, submit your ITR. You can verify your return either online via Aadhaar OTP or by physically submitting the form to the Income Tax office.
It’s recommended to verify your return online for quicker processing and convenience.
Important Considerations When Filing Belated ITR
While filing a belated ITR, there are a few key things to keep in mind:
- Late Filing Penalty: As mentioned, there’s a late fee of ₹5,000 for filing belated returns. You can make the payment online using different payment options.
- Interest on Tax Liability: If you have any outstanding tax to pay, interest will be charged at a rate of 1% per month, starting from August 1 until the tax is paid.
- No Exemptions Under the Old Tax Regime: Taxpayers who file after July 31 will have to follow the new tax regime, meaning they will lose out on exemptions and deductions Offered under the earlier tax system (like those mentioned in sections 80C and 80D).
- Carry Forward of Losses: If you don’t file your return on time, you won’t be allowed to carry forward capital losses to future years, which could affect your tax planning.
The deadline to file a delayed ITR is December 31, 2023. While you still have time, it’s important to file your return before this deadline to avoid unnecessary penalties. Filing a belated ITR involves paying the late fee, submitting the necessary documents, and ensuring that you provide accurate information. Don’t wait until the last minute file your belated return today and keep your finances in check.
