Big news for taxpayers. If you didn’t get your Income Tax Return (ITR) filed on time, don’t worry! You have until December 31, 2024, to submit a belated ITR for the financial year 2023-24, which corresponds to the assessment year 2024-25. Just a heads up, filing late could hit you with a penalty of up to Rs 5,000. Also, if you realize you made an error in your original ITR, you can go ahead and file a revised one.
So, what’s a belated return? It’s basically a return you file after the original deadline. Thanks to Section 139(4) of the Income Tax Act, if you missed the deadline, you can still file your returns within a certain timeframe. For FY 2023-24 (AY 2024-25), you can file your belated ITRs until December 31, 2024.
Now, about penalties: If you miss the deadline under section 139(1) or the timeline given in a notice under section 142(1), you can still file for previous years. You can do this up to three months before the end of the relevant assessment year or by the end of the assessment year, whichever comes first. But keep in mind, filing late can lead to a penalty under Section 234F. If you file after the due date set by Section 139(1), you’ll face a late fee of Rs 5,000 for your belated return.
There’s a bit of good news, though! If your total income is less than Rs 5 lakh, the late filing fee drops to just Rs 1,000.
Remember these points when you’re filing a revised ITR!
When you’re filing a revised ITR, keep a few things in mind. A revised ITR is all about fixing mistakes from your original submission, so make sure everything is accurate. Double-check your personal details like your name, address, PAN, and bank account, and don’t forget to include all your income sources.
Now, why should you bother with a belated return? Sure, there can be some hiccups, but it’s way better than skipping it altogether. Here’s why:
Legal obligation: Filing your return is a legal must. Not doing it could lead to some serious legal trouble.
Avoid penalties: If you skip filing, the Income Tax Department might send you a notice, and you could end up with a fine.
Financial paperwork: Your ITR is crucial for things like visa applications and getting loans.
Peace of mind: Sticking to tax laws means less stress and fewer future headaches.
So, filing belated returns isn’t just a good idea; it can really help your financial situation down the line.
If you file after the usual deadline, you might face a penalty of Rs 5,000, but if your total income is under Rs 5 lakh, that penalty drops to Rs 1,000.
Here’s how to file belated returns step-by-step:
First, head over to the Income Tax Department’s e-filing website.
Log in using your PAN.
Select AY 2024-25 and the appropriate ITR forms.
Fill in all the necessary details.
Pay your taxes.
Finally, confirm and submit your return using Aadhaar OTP, net banking, or through physical verification.
