Missed ITR filing deadline? Check the last date to file ITR with penalty
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What is the ITR deadline?
The deadline for filing the income tax return (ITR) for FY 2023-24 was July 31, 2024, and there has been no extension. If you haven't filed your ITR, there's no need to worry because you can still submit your tax return after this deadline. Even if you incur a penalty, you have the option to file your tax returns after the deadline - this is referred to as a belated return.
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What is a belated return? What is the last date
An assessment year's belated return is one that is filed after the deadline, on July 31. The last date to file a belated ITR is December 31 of the same year. For instance, the deadline to file a late return for the AY 2024-25 is December 31, 2024, at the latest. You may file an ITR-U in certain specific circumstances if you miss the deadline for filing a delayed return.
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What is the penalty for filing belated ITR
In addition to late fines, interest under sections 234A and 234B on the unpaid tax liability will be applied to the delayed return. If a taxpayer files an amended tax return, he may also miss the deadline for filing a delayed return.
You can still file your ITR, but you must pay a late filing fee of up to Rs 5,000. An ITR filed after the deadline is referred to as a belated ITR and is filed under section 139(4) of the Income Tax Act, 1961. An individual with no tax owed must pay a penalty before filing a late ITR.
You can still file your ITR, but you must pay a late filing fee of up to Rs 5,000. An ITR filed after the deadline is referred to as a belated ITR and is filed under section 139(4) of the Income Tax Act, 1961. An individual with no tax owed must pay a penalty before filing a late ITR.
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How to file belated return
Visit ITR e-filing portal: https://www.incometax.gov.in/iec/foportal. Login using your user ID (PAN or Aadhaar) and password. After logging in, click on 'e-file', then click on 'income tax returns' and then on 'file income tax return'. A new webpage will open on your screen. Select the assessment year (AY 2023-24). After this, select the mode of filing, chosen the online method of filing a belated filing.
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Final step
Verify all the details, then select "preview return." Following this, a new page will load indicating that your validation was successful. At this point, you should check the overdue ITR that you filed. Keep in mind that the submitted ITR needs to be confirmed 30 days after it is filed. Income tax returns can be verified in six different ways.
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Things to note
When filing a belated return, changing tax regimes is not permitted. Tax regimes may be changed by individuals filing their returns by July 31 at the latest.
In addition, it attracts additional fines, filing a belated return may limit your ability to claim certain benefits and assist you fulfill your tax due.
In addition, it attracts additional fines, filing a belated return may limit your ability to claim certain benefits and assist you fulfill your tax due.