Belated ITR Filing Deadline 2024: Taxpayers who missed the July 31 due date to file their income tax return (ITR) have time until December 31 to furnish ITR for the Assessment Year 2024-25, with a late fee of Rs 5,000.
Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
The due date for filing income tax returns for the financial year 2023-24 (AY 2024-25) was July 31, 2024. This was for taxpayers who do not have to get their accounts audited.
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“Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year – at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, a belated return attracts late filing fees under section 234F.
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“As per section 234F, late filing fees of Rs 5,000 shall be payable if return furnished after due date specified under section 139(1). However, amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs 5 lakhs,” according to the Income Tax Department.
How to file belated ITR for FY 2023-24
Steps to file belated ITR:
-Go to the Income Tax e-filing portal: Income Tax Department e-filing
-Login/Register: Use your PAN as the user ID.
-Choose the ITR form: Choose the appropriate form as per your sources of income.
-Select Assessment Year: Choose AY 2024-25 for FY 2023-24.
-Fill in details: Fill in details of your income, deductions and tax liability.
-Pay tax: Pay any outstanding tax including interest and penalty.
-Submit return: Verify return via Aadhaar OTP, net banking or physical verification.
What if you miss the December 31 ITR deadline?
If you miss the December 31 deadline to file ITR for the AY 2024-25, your penalty amount will increase to Rs 10,000, provided your annual income is more than Rs 5 lakh.
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