ITR Filing: The last date for filing belated and revised income tax returns for FY 2023-24 (Assessment Year 2024-25) is 31 December 2024. As per the Income Tax Act, there are different dates for filing ITR for different categories of taxpayers. However, the last date for filing belated and revised returns is the same for all taxpayers. Many taxpayers do not know what will happen if they do not file returns or revised returns for FY 2023-24 by 31 December 2024.
ITR Filing: The last date for filing belated and revised income tax returns for FY 2023-24 (Assessment Year 2024-25) is 31 December 2024. As per the Income Tax Act, there are different dates for filing ITR for different categories of taxpayers. However, the last date for filing belated and revised returns is the same for all taxpayers. Many taxpayers do not know what will happen if they do not file returns or revised returns for FY 2023-24 by 31 December 2024.
What happens if the belated return filing date (31 December 2024) is missed?
A taxpayer files a belated return when he fails to file the return on time. A belated return attracts a penalty of Rs 5,000. This penalty is payable even if there is no tax amount due. However, no penalty will be charged for a belated return if the taxable income does not exceed the basic exemption limit of Rs 3 lakh.
Kinjal Bhuta, Secretary, Bombay Chartered Accountants Society, said, “Belated return is the last chance for a taxpayer to file ITR, claim refund etc. If a belated return is not filed, he will not be entitled to these claims for the respective assessment year. After the expiry of the belated return deadline, only an updated return can be filed, provided the tax liability has to be paid. Apart from this, if a belated return is not filed, the taxpayer will have to pay the entire outstanding amount including penalty, interest in case a notice is sent by the Income Tax Department.”
One disadvantage of filing belated returns for FY 2023-24 is that taxpayers cannot opt ​​for the old tax regime. This is because the new tax regime is the default tax regime from April 1, 2023 (FY 2023-24). Belated returns for FY 2023-24 will be filed under the new tax regime.
Under the old tax regime, taxpayers have the facility to avail various exemptions and deductions, whereas this facility is not available under the new tax regime. Obviously, these deductions help the taxpayer in reducing his tax liability.
What happens if the deadline for filing revised returns (31 December 2024) is missed?
A revised return is filed when a taxpayer has to correct errors in his original or belated return. Any error in the ITR filed can be rectified. If a taxpayer has failed to report income, has not claimed deductions or has not disclosed details about bank accounts, then it can be corrected in the revised return.
Bhuta said, ‘If the taxpayer has missed the deadline to file a revised return, then there is no other option but to file a revised return for that assessment year and there is no provision to claim refund or loss. As per the income tax rules, updated returns can be filed. However, updated returns can be filed in such circumstances where the taxpayer has suffered a loss.’
