ATTENTION Taxpayers! Belated Income Tax Return for FY 2024-25

ATTENTION: December 31st is the final date to file your Belated Income Tax Return for FY 2024-25!

Section 139(4) of the income tax act deals with belated return, which can be filed if a taxpayer misses the due date for filing the original return under Section 139(1). Such a return can still be filed up to 31st December 2025, but it attracts a late fee under Section 234F and may also lead to loss of certain benefits, such as carrying forward losses.

• Penalty: Late fee of Rs. 1,000 / 5,000 (u/s 234F) and interest (u/s 234A/B/C).
• Limitations: Business and capital losses cannot be carried forward; certain deductions are disallowed.
• Revision: A belated return can be revised only up to 31st December 2025.

Who can File Belated Return under Section 139(4)?

• Individuals with taxable income exceeding the prescribed limit must file an income tax return.
• Salaried individuals, even if taxes are fully deducted through TDS, must file if their income surpasses the taxable threshold.
•  Individuals with signing authority in foreign accounts are required to file returns.
•  Individuals subject to audit due to turnover or gross receipts exceeding the prescribed limit must file by the specified due date.
• Individuals who have deposited an amount exceeding Rs. 1 crore during a financial year in a current account held with a cooperative bank or a bank.
• individuals who have spent more than 2 lakhs on foreign travel in the relevant year.
• individuals who have a total electricity bill exceeding Rs. 1 lakh.
• Business owners, professionals, and companies are obligated to file income tax returns.
•  Non-resident Indians (NRIs) with income sourced in India or foreign income deemed to be received in India may need to file returns.
•  Those seeking a refund of excess taxes paid during the financial year must file an income tax return.

If a taxpayer fails to file by the original due date, they can still file an e tax return for belated filings by selecting Section 139(4) while submitting the return online.

1. Login to your account on the income tax e-filing website.
2. Enter your user ID (PAN) and password, and click on ‘Login’ on the income tax filing website.
3. Navigate to File Income Tax Return
4. Click on e-File >  Choose ‘Income Tax Returns and Select File Income Tax Return
5. Enter the Assessment Year and Filing Mode.
6. Select the relevant AY for filing and online mode.
7. Choose the ITR form Applicable
8. Click on the ‘Personal Information’ section and ensure all your personal details are correct.
9. Scroll down to the filing section and select 139(4).

• Income Tax Return You will be fined Rs 10000
• ITR MISSED?? Here’s what you can do
• File Belated Income Tax Return By December 31, 2022 To Save Yourself From Scrutiny, Notice
• Income Tax Department has issued an update, stating that the last date to file the return of income for the AY 2023-24 (FY 2022-23)
• Can You File ITR After July 31? Key Dates, Penalties, and Process for AY 2024-25