Belated ITR Filing Last Date: Belated return facility is for such taxpayers who could not file the return by 31 July due to any reason. Taxpayers whose account audit is not necessary, they can file the income tax return for FY24 by 31 December 2024. There is a provision of penalty on belated return under section 234F of the Income Tax Act
Belated ITR Filing Last Date: The last date for filing Income Tax Return (ITR) is 31 July. But, many people miss filing the return within the deadline due to some compulsions. The Income Tax Department has allowed late filing of returns for the convenience of such people. But, there is a penalty and interest on filing the return late. This is called belated return. Let’s try to know about this in detail.
Who can file belated return?
Taxpayers whose account audit is not necessary, they can file the income tax return for FY24 by 31 December 2024. There is a provision of penalty on belated return under section 234F of the Income Tax Act. There is a penalty of Rs 5000 for filing the return by 31 December of the assessment year. There is a penalty of Rs 10,000 for filing the return after 31 December but before the end of the assessment year (before 31 March). For those people whose total income is up to Rs 5 lakh, there is a penalty of Rs 1,000 for filing a belated return.
No facility of loss carry-forward
On filing a belated return, interest is charged on the tax liability of the taxpayer under section 234A. One disadvantage of filing a belated return is that there is no facility of loss carry-forward in it. There is a facility of loss carry-forward only on ‘income from house property’. Even if there is any mistake in the belated return, a revised return will have to be filed by 31 December.
What is the filing process?
The process of filing belated returns is similar to filing normal returns. It can be filed from the e-filing portal of the Income Tax Department. For this, taxpayers will have to log in with their ID and password. Then the correct income tax return form has to be selected. Then all the information including income has to be entered. Then after submitting the form online, the verification process has to be completed. It has to be kept in mind that belated returns can be filed only for FY24.
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