ITR Filing 2024: If the income tax return is not filed by July 31, the taxpayer is allowed to file the return till December 31. This is called belated income tax return. But, for this the taxpayer has to pay penalty and interest on tax.
ITR Filing 2024: If your income is more than the basic exemption limit, then it is necessary for you to file Income Tax Return (ITR). The last date for filing returns is 31st July. There are many benefits of filing returns within the stipulated time. Your refund will come to the bank account soon. If you need to take a home loan or a car, then your loan application will be processed soon. However, many taxpayers are not able to file returns within the deadline due to some reasons. The question is what is the option for them?
Belated returns can be filed till December 31
Experts say that taxpayers should make every effort to file their returns within the stipulated time. However, if a taxpayer misses the deadline, he can file his return by the last date of the calendar year i.e. 31 December. This is called Belated Return . Experts say that the Income Tax Department has kept the facility of filing belated returns only for those people who miss filing their returns on time due to some compulsion.
Interest will have to be paid on penalty and tax
Taxpayers have to pay a penalty for filing belated returns. If the annual income of the taxpayer is less than Rs 5 lakh, then a penalty of Rs 1,000 will have to be paid for belated returns. If the annual income of the taxpayer is more than Rs 5 lakh, then he will have to pay a penalty of Rs 5,000. Apart from the penalty, the taxpayer will also have to pay interest on the tax amount. This interest will be charged from August 1 till the period when the belated return is filed.
There are many disadvantages of not filing returns on time
Tax experts say that there are many losses in not filing the return within the deadline. The taxpayer will not be able to carry forward his loss to the subsequent years. In case of belated return, only the loss from house property is allowed to be carried forward. Experts say that taxpayers should file the return before the deadline. They should not wait till the last moment to file the return. If there is any problem in filing the return, then the help of a tax consultant can be taken.
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