Belated ITR filing: For many taxpayers, July 31 is an essential deadline to file their Income Tax Return (ITR). But what happens if you miss this date? Thankfully, the Income Tax Department allows taxpayers to file a belated ITR, giving them an opportunity to stay compliant even after the original deadline. However, late filing comes with its share of penalties, interest, and certain restrictions.
This article provides a complete guide to Belated ITR Filing for the financial year 2023-24 (Assessment Year 2024-25).
Yes, you can still file your Income Tax Return after the July 31 deadline by opting for a belated return. However, it’s important to note that late filing will involve additional costs, including penalties and interest.
If you missed the original deadline of July 31, 2024, you are eligible to file a belated ITR for the Assessment Year (AY) 2024-25.
The last date to file a belated ITR for AY 2024-25 is 31 December 2024. Missing this date will result in further consequences, including higher penalties.
Filing a belated ITR attracts penalties under Section 234F of the Income Tax Act. The penalties are as follows:
- Rs 5,000 if filed on or before 31 December 2024.
-Rs 10,000 if filed after 31 December 2024 but before 31 March 2025.
-For individuals with an income of up to Rs 5 lakh, the penalty is reduced to Rs 1,000.
If there are any outstanding tax liabilities, they will incur interest under Section 234A for the delay in filing the return.
Filing a belated ITR limits your ability to carry forward certain losses, such as business losses or capital losses. However, you can still carry forward losses under the head “Income from House Property.”
If you realise any mistakes in your belated ITR, you have the option to file a revised return. This must also be done by 31 December 2024.
Taxpayers who have overpaid their taxes can still claim refunds by filing a belated ITR. However, the refund process may take longer due to late filing.
After submitting your belated ITR, you must complete the verification process within 120 days. This can be done online using Aadhaar OTP, net banking, or by sending a signed ITR-V form to the Central Processing Centre (CPC) in Bengaluru.
Follow these steps to file your belated ITR online:
- Visit the Portal: Go to the official Income Tax e-filing portal.
-Login/Register: Use your PAN as the User ID to log in or register if you are a new user.
-Select the ITR Form: Choose the correct ITR form based on your income sources.
-Choose Assessment Year: Ensure you select AY 2024-25 (for FY 2023-24).
-Fill in Details: Enter your income details, deductions, and calculate the tax payable.
-Pay Outstanding Taxes: Settle any pending taxes along with applicable penalties and interest.
-Submit and Verify: Submit your return online and verify it via one of the available methods.
Filing your Income Tax Return even after the due date ensures compliance with tax regulations, helps avoid steeper penalties, and allows you to claim refunds, if applicable. Procrastination could lead to higher financial consequences or loss of benefits like carrying forward losses.
Don’t wait any longer! File your belated ITR before the 31 December 2024 deadline to avoid additional complications and ensure peace of mind.
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