ITR filing due date: December 31, 2024, is the last date to file belated and revised ITR for FY 2023-24 (AY 2024-25)

ITR filing last date FY2023-24: Missed ITR deadline or made mistake in ITR? File a revised, belated return by December 31, 2024 A taxpayer can file a belated ITR if they have missed the original due date of ITR filing which is applicable to them. A taxpayer can also file revised ITR if they have made a mistake in the originally filed ITR

The last date to file income tax return (ITR) for FY 2023-24 (AY 2024-25) is December 31, 2024, for those taxpayers who missed the original deadline. The December 31, deadline is applicable for taxpayers who have to file a belated ITR by paying a penalty of up to Rs 5,000. December 31, 2024, is also the last date to file a revised ITR. The taxpayers file this ITR if they want to correct the mistakes made in the original ITR. ET Wealth guides you on who is required to file a belated and revised ITR by December 31, 2024, and what happens if the taxpayer misses this deadline.

What is belated ITR, and who is required to file?
A belated ITR is filed under Section 139(4) of the Income Tax Act. A belated ITR is filed by the taxpayer who has missed the original ITR filing due date. Different categories of taxpayers have different last dates for filing original ITR.

July 31 is the last date to file ITR for individuals not required to get their accounts audited. October 31 is the last date to file ITR for individuals whose accounts are required to get their accounts audited. This deadline was extended to November 15, 2024, for FY 2023-24 (AY 2024-25). November 30 is the last date to file an ITR for a business that has specified and international transactions. For FY 2023-24 (AY 2024-25), the income tax department has extended the last date of filing ITR to December 15, 2024, from the original deadline of November 30.

However, the last date to file a belated ITR is the same for all categories of taxpayers. Hence, any taxpayer who has missed the original due date of filing the ITR must file the belated ITR for FY 2023-24 (AY 2024-25) by December 31, 2024.

Penalty for belated ITR filing
A penalty of up to Rs 5,000 applies to filing a belated ITR. A penalty is levied under Section 234F of the Income Tax Act, 1961. Further, penal interest will be applicable if any income tax dues are pending. Penal interest will be levied under Sections 234A, 234B and 234C, depending on the type of income tax dues.

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The penalty for filing a belated ITR and any pending tax dues must be deposited to the income tax department before filing a belated ITR.

Process to file belated ITR
The process to file a belated ITR is the same as filing an original ITR. Taxpayers must go to the income tax department's e-filing website to file their ITR. When filing a belated ITR, they must ensure that Section 139(4) is selected. Further, taxpayers must keep the challan number handy to show proof that penalty and income tax dues are deposited before belated ITR is submitted and verified.

A taxpayer has 30 days to verify their belated ITR from the submission date.

What is the revised ITR, and who is required to file it?

A revised ITR is filed under Section 139(5) of the Income Tax Act. A revised ITR is filed by the taxpayer who wants to correct mistakes in the originally filed ITR and the belated ITR. The last date to file the revised ITR for FY 2023-24 (AY 2024-25) is December 31, 2024. This last date to file revised ITR also applies to all categories of taxpayers.

Process to file revised ITR
A taxpayer can file the revised ITR by visiting the income tax department's e-filing website. The process of filing a revised ITR is the same as filing a normal ITR. While filing a revised ITR, an individual is required to select Section 139(5) in the ITR form. Further, a taxpayer must quote the acknowledgement number of the ITR (original or belated) in which the correction is made. Once the revised ITR is filed, it must be verified within 30 days of submission.

What will happen if taxpayer misses last date of December 31, 2024, for belated, revised ITR filing?

According to income tax laws, if the taxpayer misses the last date to file a belated and revised ITR, they cannot file an income tax return unless the Income Tax department asks them to do so. The income tax laws allow a taxpayer to file an updated return. However, the updated return can be filed only under specified circumstances and has a penalty of up to 50% of the income tax dues.

This story originally appeared on: India Times - Author:Faqs of Insurances