Belated Income Tax Return Due Date: Know what is belated return in income tax and how to file it online
Belated Income Tax Return Due Date: For many taxpayers, July 31 marks the crucial deadline for filing income tax returns (ITR). But what happens if you miss it? The good news is that the Income Tax Department allows you to file a belated return, ensuring you remain compliant even after the due date. However, filing late comes with penalties, interest, and certain limitations.
The last date to file ITR for the financial year 2023-24 was July 31, 2024, for taxpayers not required to audit their accounts.
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Here’s a complete guide to filing a belated ITR for the financial year 2023-24 (Assessment Year 2024-25).
Can You File ITR After July 31?
After the original deadline, you can still file your ITR by opting for a belated return. However, this comes with additional costs and implications.
Key Details About Belated ITR
Eligibility
Taxpayers who missed the original due date (July 31) can file a belated return for the assessment year.
Belated ITR Deadline
For Assessment Year (AY) 2024-25, the last date to file a belated return is December 31, 2024.
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Penalties for Belated ITR
Filing a belated return attracts a penalty under Section 234F of the Income Tax Act:
- Rs 5,000 if 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).
- For individuals with total income up to Rs 5 lakh, the penalty is reduced to Rs 1,000.
Interest on Tax Due
Outstanding tax liabilities will attract interest under Section 234A for the delay in filing the return.
Deductions and Losses
A belated return restricts the ability to carry forward certain losses (e.g., business or capital losses), except for losses under the head “Income from House Property.”
Revised Return
If a mistake is discovered in the belated return, a revised return can be filed by December 31, 2024.
Read More: ₹5,000 late fee: Your last chance to file belated income tax returns before December 31
Refunds
Refunds for overpaid taxes can still be claimed but may face delays due to late filing.
Verification
After filing the belated return, taxpayers must verify it online (via Aadhaar OTP, net banking, etc.) or by sending a signed ITR-V to the Centralized Processing Centre (CPC), Bengaluru, within 120 days of filing.
Know How To File Belated ITR Online
Steps to File a Belated ITR for AY 2024-25;
- Visit the Portal: Go to the Income Tax Department’s official e-filing portal.
- Login/Register: Use your PAN as the User ID to log in or register.
- Select the ITR Form: Choose the appropriate form based on your income sources.
- Assessment Year: Ensure you select AY 2024-25 (for FY 2023-24).
- Fill in Details: Enter your income, and deductions, and calculate tax payable.
- Pay Tax: Clear any outstanding dues along with applicable penalties and interest.
- Submit and Verify: Submit the return online and complete the verification process.
Filing your ITR even after the deadline ensures compliance with tax laws, avoids higher penalties, and enables you to claim refunds, if applicable. Don’t delay further—file your belated return before December 31, 2024.
