Belated ITR Filing Last Date: The last date to file income tax returns for the financial year 2023-24 (Assessment Year 2024-25) was July 31, 2024. It was the deadline for filing tax returns for taxpayers who do not have to get their accounts audited.
Missed ITR Deadline
Can You File ITR After July 31?
You can still file your tax return even if you missed the deadline but with a late fee. This is called filing a belated return.
Key Points About Belated ITR:
Eligibility:
You can file a belated return if you missed the original due date for filing your ITR, which is typically July 31st for individuals.
Belated ITR Due Date
Belated ITR For AY 2024-25
The deadline for filing a belated ITR is December 31st of the assessment year. For the AY 2024-25, the belated ITR must be filed by December 31, 2024.
Penalty:
Filing a belated ITR may attract a penalty under Section 234F of the Income Tax Act. The penalty can be:
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- Rs 5,000 if the ITR is filed on or before December 31 of the assessment year.
- Rs 10,000 if filed after December 31 but before the end of the assessment year (March 31).
However, if your total income does not exceed Rs 5 lakh, the penalty is reduced to Rs 1,000.
Interest on Tax Due:
If you have any outstanding tax liability, interest under Section 234A (for delay in filing a return) may also be levied on the amount due.
Deductions and Losses:
If you file a belated return, you cannot carry forward certain losses (e.g., business losses, capital losses) to future years, except for loss under the head “Income from House Property.”
Revised Return:
If you realise that you made a mistake in your belated return, you can still file a revised return within the same deadline (December 31 of the assessment year).
Refunds:
You can still claim a refund if any tax has been overpaid, but the process might take longer due to the late filing.
Verification:
After filing the belated return, you need to verify it either online through Aadhaar OTP, net banking, etc., or by sending a signed copy of ITR-V to the Centralized Processing Centre (CPC) within 120 days of filing.
How To File Belated Return For AY 2024-25
Steps to File a Belated Return
- Visit the Income Tax Department’s e-filing portal: Income Tax Department e-Filing
- Login/Register: Use your PAN as the User ID.
- Choose the relevant form: Select the appropriate ITR form based on your income sources.
- Select the Assessment Year: Ensure you select AY 2024-25 for the financial year 2023-24.
- Fill in the details: Enter your income details, claim deductions, and calculate the tax payable.
- Pay the Tax: Pay any outstanding tax, along with applicable interest and penalties.
- Submit the Return: Verify and submit the return online. You can use an Aadhaar OTP, EVC via net banking, or send a signed physical copy of ITR-V to CPC, Bengaluru.
- Filing your ITR even after the due date helps avoid higher penalties and keeps you in compliance with tax regulations.
FAQ
Can I file my ITR after the due date?
Yes, you can file your ITR after the due date. But such an ITR will be considered as a belated return, and a late filing fee will be levied along with interest.
What is the Belated Return Section?
A belated return is filed under Section 139(4).
Can a belated return be revised?
Yes, a belated return can be revised. However, the last date to file a revised return or a belated return is 31st December of the relevant assessment year. Therefore, the revision must be done before 31st December 2024.
Do I need to e-verify the Belated Return filed u/s 139(4)?
Yes. To complete the return filing process, it is mandatory to e-verify the income tax return. Therefore, you must e-verify the belated return filed u/s 139(4).
Can I claim a tax refund through a belated return?
Yes, you can claim a tax refund while filing a belated return u/s 139(4).
You must pre-validate your bank account to receive the refund, as the refund will be directly credited to your bank account added on the e-filing portal.
Can I file a return for the previous year 2022-23 after 31st July 2023 without paying any late fee or interest?
The due date to file an income tax return by individuals (Non-audit cases) is 31st July. You can file a belated return by 31st December. However, interest and late fees of up to Rs 5,000 will be levied.
How many years can a belated return be filed?
Belated returns can be filed 3 months before the end of the relevant assessment year or completion of the assessment, whichever is earlier. Hence, only one belated return can be filed at a given point of time as there is no over lapping period. For example, for the AY 2024-25 (FY-2023-24), a belated return can be filed until 31st December 2024.
Is there a penalty for filing belated return?
Yes, a late fee of Rs 5,000 will be levied under Section 234F while filing a belated return. If the total income is less than Rs 5 lakh, the late filing fee shall be reduced to Rs 1,000. However, if your income is less than the taxable limit, no late fee shall be levied u/s 234F.
ITR-U can be filed for not filing before 31st December 2023, what is the due date for filing such returns?
ITR-U under section 139(8A) can be filed with a penalty of Rs. 5,000 interest, & an additional tax of 25% or 50% on the tax amount depending on when you file the ITR-U. The due date to file ITR-U for FY-2022-23 is 31st March 2026.