Taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) have until December 31 to file a belated return. Filing now comes with a late fee of ₹5,000, as per Section 234F of the Income Tax Act.
A belated return, defined under Section 139(4), applies to any income return not filed within the original deadline under Section 139(1). Those earning less than ₹5 lakh annually will face a reduced late fee of ₹1,000.
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What happens if you miss December 31 deadline?
Failing to file the ITR by December 31 will increase the penalty to ₹10,000 for individuals with annual income exceeding ₹5 lakh. Additionally, missing the deadline may result in further legal and financial repercussions, including restricted ability to carry forward certain losses.
Steps to file your belated ITR
- Visit the Income Tax e-Filing Portal: Login using your PAN as the user ID.
- Choose the ITR Form: Select the appropriate form based on your income sources.
- Select the Assessment Year: Choose AY 2024-25 for FY 2023-24.
- Enter Details: Fill in your income, deductions, and tax liability.
- Pay Outstanding Dues: Include any late fees, interest, or penalties.
- Submit and Verify: Verify the return via Aadhaar OTP, net banking, or physical submission.
What is the late fee breakdown breakdown?
According to the Income Tax department:
- Late filing fees are ₹5,000 if the return is filed after July 31.
- For individuals with an annual income below ₹5 lakh, the late fee is capped at ₹1,000.
- Filing your ITR before the December 31 deadline is critical to avoid additional penalties and ensure compliance. Act now to avoid escalating fees and complications.