Did you know? Over 40% of taxpayers miss their ITR deadline each year. Don’t be one of them!
Missed the ITR deadline for 2024? Don’t worry Here’s a guide on how you can still file belated income tax after July 31, 2024. Ok, Now check out the deadline for belated ITR and any penalties you might face.
Every Taxpayer knows that ITR filling time is over for FY 2023-24, As per Income Tax Authority the original deadline was July 31, 2024. If you couldn’t file your ITR on time, no need to stress! You can file a belated ITR instead. It’s super important to remember that there are some penalties and consequences for being late. Still, completing your return quickly can help avoid more problems later on.
Also Read: Using 15G and 15H forms can save you tons of money on your income tax
So, what’s the deadline for filing a belated ITR? Good question! The Income Tax Authority gave us an extension period to file ITR i.e. 31st December. Therefore, if you missed your filling as per the scheduled date for the financial year 2023-24 (the assessment year 2024-25), to get your late return submission you have time to fill out December 31, 2024.
What is a Belated Return?
A belated return means you’re allowed to fill your Income Tax Return Under Section 139(4) of the Income Tax Act from way back in 1961. Under Section 139(4), the section used for filing your income tax return after that July deadline.
Now, the question moving around that is how do you file your belated ITR for FY 2023-24? The process is not crucial like submitting an on-time return. The main difference is in Section 139 that when you fill out the belated ITR form, just be sure to choose section 139(4) instead of the usual 139(1), according to the form asked by the Income Tax Authority.
Missed ITR Deadline: Penalties Under Section 234
If you are Filing ITR after the due date means after 31 July, you might be hit with a late fee under Section 234F of the Income Tax Act. Whereas, If you file your belated ITR before December 31 within the assessment year, typically impose a penalty of Rs 5,000. Good news though! If your total income is below Rs 5,00,000, that penalty drops to just Rs 1,000.
How many Penalties and Interest Under Section 234 A, B, or C
If your taxable income is under Rs 5 lakh, there will only be a Rs 1,000 penalty when you file late—even if you don’t owe any tax! If your total income is even lower than the basic exemption limit, they won’t charge any late fees. But remember—if filing an ITR is mandatory even with lower income levels, there can still be fines involved!
Apart from late fees, keep in mind that penal interest will apply on any outstanding tax dues while filing a belated ITR. Under Sections 234 A, B, or C, they charge a penal interest rate of 1% per month on what you owe in taxes. Section 234A deals with self-assessment tax dues; whereas Sections B & C kick in if there’s non-payment or shortfall in advance taxes.
Filing a belated ITR does come with some downsides beyond just penalties for lateness. For instance, people lose out on the chance to carry forward losses from capital gains or business incomes—except for losses from house property.
Final thoughts
Cross ITR deadline then filing your belated ITR sooner rather than later not only reduces penalties but also ensures you stay compliant with tax regulations. Remember, you can still carry forward certain losses and avoid hefty interest charges by taking immediate action. Staying on top of your tax obligations helps in maintaining financial health and planning effectively for the future. Don’t let a missed deadline derail your financial stability—file your belated ITR promptly and avoid further complications.
So take action now! It’s better to file that belated return sooner rather than later. 😊
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