How to file ITR after July 31 deadline? If you haven't filed your ITR yet and are worried about meeting the July 31 deadline, are there any other options available to you?
The last date to file your income tax return (ITR) for the financial year 2023-24 is July 31, 2024, which is just a couple of weeks away. Do you have any alternatives if you haven't filed your ITR yet and are concerned about meeting the July 31 deadline?#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} If you have missed the income tax return filing (ITR) deadline of July 31, 2024 for the assessment year 2024-25 (financial year 2023-24), you still have the option to file a belated ITR. Despite missing the initial deadline, you can still fulfill your tax obligations by submitting the required documentation. It's important to note that filing a belated return may lead to specific penalties or consequences, so it's advisable to complete this process as soon as possible to avoid any further complications.
Also read: Missing ITR filing deadline can cost you much more than just late filing fee
Remember, the deadline for filing belated income tax returns is December 31 each year. If you haven't filed your taxes for the 2023-24 financial year (assessment year 2024-25), you have until December 31, 2024 to submit your delayed tax return.
What is a belated return?
Filing a belated return means submitting your income tax return after the original deadline (July 31) has passed. This type of return is filed under Section 139(4) of the Income Tax Act, 1961.How to file belated ITR
If you file your income tax return after the deadline has passed, the process is the same as filing before the deadline. However, when filling out the belated ITR form, you need to select section 139(4) instead of 139(1).Section 139(1) is to be selected if you file your ITR on or before the expiry of the due date, which was July 31, 2024.
Also read: Extension of ITR filing deadline? 11 glitches on e-filing portal; difficulty in logging in, e-verification, discrepancy in forms
What is the penalty for filing a belated ITR?
When submitting an ITR after the deadline, individuals are liable to pay a late filing fee under Section 234F of the Income Tax Act. As per this section, a penalty of Rs 5,000 is applicable for individuals filing belated ITR, provided the return is filed before December 31 of the assessment year. If the total income does not exceed Rs 5,00,000, the penalty is limited to Rs 1,000. It's important to ensure timely filing of ITR to avoid incurring these penalties.However, for individuals whose taxable income does not exceed Rs 5 lakh, a penalty of Rs 1,000 will be applicable for filing belated ITR.An individual is required to pay this penalty even if no tax payment is required.
If your total income is below the basic exemption limit, no late fees will be imposed when filing a delayed ITR. However, it is important to note that a fine will be imposed even if the total income is below the exemption limit but filing an ITR is obligatory.
Penal interest on tax dues
If there are any tax dues pending while filing belated ITR, then penal interest will be levied as well. Penal interest will be levied at 1% per month on the tax-due amount under Section 234 A, B or C.Penal interest under Section 234A is levied on the self-assessment tax dues. However, as the case may be, penal interest under Section 234B or C is levied due to non-payment or shortfall in advance tax payment.
Disadvantages of filing belated ITR
When filing a belated income tax return (ITR), there are several disadvantages to consider. In addition to incurring a penalty for late filing, individuals also forfeit certain benefits. For instance, individuals are unable to carry forward losses from capital gains, business income, and other sources (with the exception of losses from house property). Furthermore, individuals are not eligible to opt for the new tax regime when filing a belated ITR for Assessment Year 2024-25.
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This story originally appeared on: India Times - Author:Faqs of Insurances
