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Belated Income Tax Return Due Date: Know what is belated return in revenue tax obligation and exactly how to submit it online
Know exactly how to submit late tax return online
Belated Income Tax Return Due Date: For lots of taxpayers, July 31 marks the critical due date for declaring tax return (ITR). But what takes place if you miss it? The excellent information is that the Income Tax Department permits you to submit a belated return, guaranteeing you stay certified also after the due day. However, declaring late features fines, passion, and specific constraints.
The last day to submit ITR for the fiscal year 2023-24 was July 31, 2024, for taxpayers not called for to investigate their accounts.
Here’s a full overview to submitting a belated ITR for the fiscal year 2023-24 (Assessment Year 2024-25).
Can You File ITR After July 31?
After the initial due date, you can still submit your ITR by choosing a belated return. However, this features extra expenses and effects.
Key Details About Belated ITR
Eligibility
Taxpayers that missed out on the initial due day (July 31) can submit a belated return for the evaluation year.
Belated ITR Deadline
For Assessment Year (AY) 2024-25, the last day to submit a belated return is December 31, 2024.
Penalties for Belated ITR
Filing a belated return brings in a fine under Section 234F of the Income Tax Act:
- Rs 5,000 if submitted on or prior to December 31 of the evaluation year.
- Rs 10,000 if submitted after December 31 yet prior to completion of the evaluation year (March 31).
- For people with overall revenue as much as Rs 5 lakh, the fine is minimized to Rs 1,000.
Interest on Tax Due
Outstanding tax obligation obligations will certainly draw in passion under Section 234A for the hold-up in submitting the return.
Deductions and Losses
A belated return limits the capability to continue specific losses (e.g., company or resources losses), with the exception of losses under the head “Income from House Property.”
Revised Return
If a mistake is discovered in the belated return, a revised return can be filed by December 31, 2024.
Refunds
Refunds for overpaid taxes can still be claimed but may face delays due to late filing.
Verification
After filing the belated return, taxpayers must verify it online (via Aadhaar OTP, net banking, etc.) or by sending a signed ITR-V to the Centralized Processing Centre (CPC), Bengaluru, within 120 days of filing.
Know How To File Belated ITR Online
Steps to File a Belated ITR for AY 2024-25;
- Visit the Portal: Go to the Income Tax Department’s official e-filing portal.
- Login/Register: Use your PAN as the User ID to log in or register.
- Select the ITR Form: Choose the appropriate form based on your income sources.
- Assessment Year: Ensure you select AY 2024-25 (for FY 2023-24).
- Fill in Details: Enter your income, and deductions, and calculate tax payable.
- Pay Tax: Clear any outstanding dues along with applicable penalties and interest.
- Submit and Verify: Submit the return online and complete the verification process.
Filing your ITR even after the deadline ensures compliance with tax laws, avoids higher penalties, and enables you to claim refunds, if applicable. Don’t delay further—file your belated return before December 31, 2024.
