Delhi, December 14: As the December 31 deadline for filing belated Income Tax Returns (ITR) approaches, taxpayers who missed the original deadline of July 31, 2024, have limited time to file ITR for FY 2023-24 (AY 2024-25) and avoid additional penalties. After the original deadline, you can still file your ITR by opting for a belated return. However, this comes with additional costs and implications.

Here’s a guide to filing belated returns and the consequences of missing this deadline.

What is Belated ITR Filing?

Belated ITR filing, under Section 234F of the Income Tax Act, allows taxpayers who missed the original filing deadline to submit their returns by December 31. A late fee of INR 5,000 applies, which is reduced to INR 1,000 for taxpayers with an income below INR 5 lakh. IT Return: Over 5 Crore Income Tax Returns Filed for Assessment Year 2024–25 Till July 26.

Consequences of Missing December Deadline

If taxpayers fail to file their ITR by December 31, they can still file it before March 31, 2025, but the penalty increases to INR 10,000. Additionally, late filers lose the ability to carry forward capital losses and may incur interest at 1% per month under Section 234A on pending tax liabilities. Income Tax Return Filing: How To Download Form 26AS From Income Tax Website To File ITR.

How to File Belated ITR Online

  1. Visit the official e-filing portal: incometax.gov.in.

  2. Log in using your PAN details.

  3. Select the ITR form and assessment year (AY2024-25 for FY24).

  4. Enter personal and tax details, pay the applicable late fee, and submit.

  5. Verify the filing online using Aadhaar OTP or submit a physical verification form at the I-T office.

Key Points to Remember

  1. Late filers must use the new tax regime, forfeiting exemptions like 80C and 80D.

  2. Filing beyond July 31 disqualifies taxpayers from carrying forward capital losses.

Act now to avoid higher penalties and legal complications.

(The above story first appeared on LatestLY on Dec 14, 2024 12:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).