The deadline for filing late Income Tax Returns (ITR) for the financial year 2023-24 is nearing. To avoid penalties, taxpayers should file their belated ITR by December 31, 2024. This deadline applies to individuals who missed the original deadline of July 31, 2024. Missing this deadline will lead to extra costs, including penalties and interest on the late filing.
The original deadline to file Income Tax Returns for the 2023-24 financial year was July 31, 2024, for taxpayers who don’t need to get their accounts audited. If you missed the July 31 deadline, don’t worry! You can still file your Income Tax Return, but it will be considered a late filing, also known as a belated ITR.
According to the Income Tax Act, filing tax returns late (filed on or before December 31 and after July 31) will result in a penalty. The penalty amount is:
- Rs 5,000 for taxpayers with income above Rs 5 lakhs
- Rs 1,000 for taxpayers with income below Rs 5 lakhs
(This penalty is specified under Section 234F of the Income Tax Act.)
Additionally, if you miss the tax filing deadline, you’ll have to pay interest on the unpaid tax amount. You’ll have to pay an interest of 1% until you actually file your return.
“Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year – at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, a belated return attracts late filing fees under section 234F,” said the Income Tax Department.
ITR Filing: If December 31 Deadline Missed?
Furthermore, if you miss the December 31 deadline for filing your Income Tax Return, you’ll face a penalty of Rs 10,000 if your yearly income is over Rs 5 lakh.
Steps To File Belated ITR
- Login: Go to the Income Tax e-Filing Portal and log in using your PAN number.
- Choose Form: Select the right ITR form based on your income sources.
- Select Year: Choose Assessment Year 2024-25 for Financial Year 2023-24.
- Fill Details: Enter your income, deductions, and tax liability.
- Pay Dues: Pay any late fees, interest, or penalties.
- Submit & Verify: Verify your return using Aadhaar OTP, net banking, or physical submission.
