Taxpayers who missed the July 31 deadline for filing their Income Tax Return (ITR) for Fiscal Year 2023-24 (Assessment Year 2024-25) must file by December 31 to avoid additional penalties. Know the late costs, how to file, and what happens if you miss the deadline.
Taxpayers who did not file their income tax return (ITR) for the fiscal year 2023-24 (Assessment Year 2024-25) still have the opportunity to do so. However, Section 234F of the Income Tax Act now imposes a late filing fine of Rs 5,000.
Who needs to submit a late return?
- A delayed return under Section 139(4) of the Income Tax Act refers to any income tax return that was not filed before the stipulated deadline.
- Late Fee on Income Under Rs 5 Lakh: The late payment penalty of Rs 1,000 will be decreased for those earning less than Rs 5 lakh per year.
- Standard late fee: Rs 5,000 for taxpayers earning more than Rs 5 lakh per year.
What happens if you miss the December 31st deadline?
- Failure to file your ITR before December 31 may lead to the following:
- Increased penalty: Late costs can be hiked to Rs 10,000 for those earning more than Rs 5 lakh per year.
- Legal repercussions: The Income Tax Department may issue notices.
- Restricted benefits: You may lose the opportunity to carry forward some losses for future tax purposes.
How to File Your Belated ITR
- Follow these steps to file your overdue income tax return.
- Visit the portal. Log in to the Income Tax e-Filing Portal by using your PAN as the user ID.
- Select the ITR Form: Select the appropriate ITR form according on your income sources.
- Select AY 2024-25 for FY 2023-24.
- Enter details: Please include information about your income, deductions, and tax liabilities.
- Pay your dues. Calculate and pay the late fee, as well as any owed taxes or interest.
- Submit and Verify: Complete the procedure by authenticating your return using Aadhaar OTP, net banking, or sending a physical acknowledgment (ITR-V) to the Income Tax Department.
A breakdown of late fees
After July 31 and before December 31: Rs 5,000 (Rs 1,000 for incomes below Rs 5 lakh). After December 31, Rs 10,000 (for incomes greater than Rs 5 lakh).
Why is it vital to file now?
Filing before the December 31 deadline assures compliance while avoiding increasing fines and potential legal action. Furthermore, it protects your right to obtain refunds and carry forward some financial losses. Act immediately to avoid penalties and ensure a hassle-free tax filing experience.
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