Know the last date and penalty information

If you have not yet filed Income Tax Return (ITR) for the financial year 2023-24, then file it soon. The last date to file belated ITR is December 31, 2024. Let us tell you that the original date for filing ITR was 31 July 2024. If you could not file the return by this date, then belated return is your last chance.

What is belated ITR filing?

Belated income tax return is a return that you can file during the assessment year after the original deadline of July 31, but before the new deadline of December 31.

Penalty on belated returns

If you file a tax return after the original date of July 31, you will have to pay a penalty for late filing.

• A penalty of Rs 5,000 will be applicable.
• If your annual income is less than Rs 5 lakh, the penalty will be Rs 1,000.

Income Tax Department rules

According to Income Tax Department:

• If a person does not file the return within the prescribed period, he can file a belated return 3 months before the end of the relevant assessment year or before the assessment (whichever is earlier).
• Apart from this, late filing fees will also have to be paid under section 234F.

What happens if you miss the billeted return deadline?

If you miss the belated return filing deadline of December 31, there can be serious consequences:

1. Fine:
   • The penalty for filing returns after December 31 and before March 31 will be Rs 10,000.
   • If your annual income is less than Rs 5 lakh, the penalty will be Rs 1,000.
2. Interest:
   • Under section 234A, interest will also have to be paid on the outstanding tax.
3. Adjustment of losses:
   • In case of late filing of return, you will not be able to carry forward the business or capital loss to the next financial year.

What to do if you are not able to file returns by 31st December?

If you have not been able to file the return by 31st December due to any genuine reason, then you can make a request by giving information about this to the Income Tax Department.

• If the department accepts your request, you can file the return by paying a penalty of Rs 10,000.
• Along with this, interest at the rate of 1% per month will also have to be paid on the outstanding amount.

If you do not file the return, action can be taken against you under section 276CC.