Belated ITR Filing Last Date: The last date to file income tax returns for the financial year 2023-24 (Assessment Year 2024-25) was July 31, 2024. It was the deadline for filing tax returns for taxpayers who do not have to get their accounts audited.
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Missed ITR Deadline
Can You File ITR After July 31?
You can still file your tax return even if you missed the deadline but with a late fee. This is called filing a belated return.
Key Points About Belated ITR:
Eligibility:
You can file a belated return if you missed the original due date for filing your ITR, which is typically July 31st for individuals.
Belated ITR Due Date
Belated ITR For AY 2024-25
The deadline for filing a belated ITR is December 31st of the assessment year. For the AY 2024-25, the belated ITR must be filed by December 31, 2024.
Penalty:
Filing a belated ITR may attract a penalty under Section 234F of the Income Tax Act. The penalty can be:
- Rs 5,000 if the ITR is filed on or before December 31 of the assessment year.
- Rs 10,000 if filed after December 31 but before the end of the assessment year (March 31).
However, if your total income does not exceed Rs 5 lakh, the penalty is reduced to Rs 1,000.
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Interest on Tax Due:
If you have any outstanding tax liability, interest under Section 234A (for delay in filing a return) may also be levied on the amount due.
Deductions and Losses:
If you file a belated return, you cannot carry forward certain losses (e.g., business losses, capital losses) to future years, except for loss under the head “Income from House Property.”
Revised Return:
If you realise that you made a mistake in your belated return, you can still file a revised return within the same deadline (December 31 of the assessment year).
Refunds:
You can still claim a refund if any tax has been overpaid, but the process might take longer due to the late filing.
Verification:
After filing the belated return, you need to verify it either online through Aadhaar OTP, net banking, etc., or by sending a signed copy of ITR-V to the Centralized Processing Centre (CPC) within 120 days of filing.
How To File Belated Return For AY 2024-25
Steps to File a Belated Return
- Visit the Income Tax Department’s e-filing portal: Income Tax Department e-Filing
- Login/Register: Use your PAN as the User ID.
- Choose the relevant form: Select the appropriate ITR form based on your income sources.
- Select the Assessment Year: Ensure you select AY 2024-25 for the financial year 2023-24.
- Fill in the details: Enter your income details, claim deductions, and calculate the tax payable.
- Pay the Tax: Pay any outstanding tax, along with applicable interest and penalties.
- Submit the Return: Verify and submit the return online. You can use an Aadhaar OTP, EVC via net banking, or send a signed physical copy of ITR-V to CPC, Bengaluru.
- Filing your ITR even after the due date helps avoid higher penalties and keeps you in compliance with tax regulations.
