Belated ITR Filing Deadline 2024: Taxpayers who failed to meet the July 31 deadline for filing their income tax return (ITR) have an extension until December 31 to submit their ITR for the Assessment Year 2024-25, subject to a late fee of Rs 5,000.
A return of income that is not filed by the due date specified under section 139(1) is termed a belated return. The submission of a belated return is governed by section 139(4).
The deadline for filing income tax returns for the financial year 2023-24 (AY 2024-25) was July 31, 2024. This applies to taxpayers who are not required to have their accounts audited.
“Any individual who has not submitted a return of income within the timeframe allowed under section 139(1) or as per a notice issued under section 142(1), may file a return for any previous year – at any time up to three months before the end of the relevant assessment year or before the completion of the assessment, whichever comes first. However, a belated return incurs a late filing fee under section 234F.
According to section 234F, a late filing fee of Rs 5,000 is applicable if the return is filed after the deadline specified under section 139(1). If the total income of the individual does not exceed Rs 5 lakhs, the late filing fee is reduced to Rs 1,000,” as per the Income Tax Department.
Steps to File Belated ITR for FY 2023-24
Procedure to File Belated ITR:
- Visit the Income Tax e-filing portal: Income Tax Department e-filing
- Login/Register: Use your PAN as your user ID.
- Select ITR Form: Choose the appropriate form based on your sources of income.
- Choose Assessment Year: Opt for AY 2024-25 for FY 2023-24.
- Enter Details: Provide details of your income, deductions, and tax liability.
- Pay Tax: Settle any outstanding tax, including interest and penalties.
- Submit Return: Verify the return using Aadhaar OTP, net banking, or through physical verification.
What Happens If You Miss the December 31 ITR Deadline?
If you miss the December 31 deadline for filing ITR for AY 2024-25, the penalty will escalate to Rs 10,000, provided your annual income exceeds Rs 5 lakh.