Income Tax: Taxpayers who have missed the July 31 deadline to file ITR for the financial year 2023-24 have the opportunity to file Belated ITR till December 31. It can be filed with late fees as per section 234F of the Income Tax Act.
Income Tax: If you are a taxpayer and have not filed your Income Tax Return (ITR) for FY2023-24, then the deadline to file it with late fees is very close. Yes, the Income Tax Department had fixed July 31 as the last date for filing ITR, which was extended to December 31, 2024 with late fees. According to this, now only 10 days are left to file Belated ITR. If you are unable to file income tax return by this date, then the penalty will be up to Rs 10,000. Apart from this, you will have to face income tax action.
File with late fee by December 31
Taxpayers who have missed the July 31 deadline for filing ITR for the financial year 2023-24 (assessment year 2024-25) have an opportunity to file delayed returns or Belated ITR by December 31. It can be filed with late fee as per section 234F of the Income Tax Act. The late fee is divided into two categories according to annual income.
According to the rules, if we look at the category of those who file ITR with late fee by the Income Tax Department, then those whose annual income is less than Rs 5 lakh, they can do this work by paying a late fee of Rs 1000, whereas if the annual income of any taxpayer is more than Rs 5 lakh, then the late fee (ITR Late Fees) for them has been fixed at Rs 5,000. At the same time, you can file revised returns any number of times till this date. There is no fee or penalty for filing revised returns.
What happens if the deadline is missed?
Now let’s talk about what happens if taxpayers miss the deadline of December 31? So for taxpayers with an annual income of more than Rs 5 lakh, the penalty increases to Rs 10,000 after this deadline. Apart from this, after this lapse, you may also have to face legal action by the Income Tax Department.
Fill your belated ITR this way
- First of all go to the e-filing portal in the Income Tax website.
- Login using PAN on the e-Filing Portal.
- Now choose the appropriate ITR form according to your sources of income.
- After this, choose Assessment Year 2024-25 for FY2023-24.
- Enter your income, tax exemption and tax liability information.
- Remember to pay any outstanding tax including interest and penalty.
- After this verify the return through Aadhaar OTP, net banking.
