Belated ITR Filing Deadline 2024: If you are among those taxpayers who have not been able to file their income tax return (ITR) till now, then you still have a chance. You can file your return for the assessment year 2024-25 by paying a late fee of Rs 5,000 till December 31. If you miss this deadline, then your trouble and penalty amount may also increase
The return which is not filed on or before the due date under section 139(1) is called a belated return. Belated return is filed under section 139(4).
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Time till December 31 to file belated return
The date for filing income tax return for the financial year 2023-24 (AY 2024-25) was July 31, 2024. This date was for those taxpayers who do not have to get their accounts audited. Taxpayers who have missed filing their returns within this deadline have time till December 31 to file belated returns. However, late fees have to be paid under section 234F for filing belated returns. If a person misses filing his belated returns even within this deadline, then his problems may increase further.
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This much money will have to be paid as late filing fees
Let us tell you that according to section 234F, a late filing fee of Rs 5,000 has to be paid for filing the return after the due date under section 139(1). However, if the total income of the person is not more than Rs 5 lakh, then he will have to pay only Rs 1,000 as late filing fees.
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How to file Belated ITR?
How to file belated ITR for FY 2023-24, follow the steps given below.
Step 1- First of all go to the e-filing portal of Income Tax Department. Step 2- Then use your PAN number as user ID to login or register.
Step 3- Now you have to select the correct ITR form according to your income.
Step 4- After this, select assessment year 2024-25 for financial year 2023-24.
Step 5- Now fill all the details of your income, deduction and tax liability correctly.
Step 6- After this, pay any outstanding tax including interest and penalty.
Step 7- Submit the return after verifying it through Aadhaar OTP, net banking or physical verification.
What will happen if you miss the December 31 deadline?
Let us tell you that if you miss the December 31 deadline for filing ITR for assessment year 2024-25, then your penalty amount will increase to Rs 10,000. If your annual income is more than Rs 5 lakh. You may also have to face legal action and financial loss.
