Income Tax Return: The last date for filing income tax returns for FY 2023-24 and assessment year 2024-25 was July 31, 2024. But there is no need to p.c because even if one has missed the last date of filing ITR, he can still file his tax return with late fees. This is called belated ITR filing. The last date for filing belated ITR is December 31. Billed ITR for AY2024-25 can be filed till December 31, 2024.
Fine up to Rs 10,000
Under Section 234F of the Income Tax Act, late filing of income tax return may attract penalty. Know how much fine can be imposed-
If the income tax return is filed on or before December 31 of the assessment year, the penalty will be Rs 5,000.
If the return is filed after December 31 but before the end of the assessment year (March 31), the penalty will be Rs 10,000.
But keep in mind that if the total income does not exceed Rs 5,00,000 then the penalty will be Rs 1,000.
If you delay filing your return, you will be charged interest
If you have any outstanding tax liability, interest may also be charged on the amount payable under section 234A (for delay in filing return). Keep in mind that if you file your return late, you cannot carry forward certain losses (for example, business losses, capital losses) into the future, except for losses under income from house property.
Information about income tax refund
If you find that you have made a mistake in your billed return, you can also file a revised return (Revised ITR) within the deadline. If any tax has been paid in excess, you can also claim a refund (income tax refund), but the process may take longer due to late filing.
income tax return verification
After filing the delayed return, you have to verify it online through Aadhaar OTP, net banking etc., or send a copy of ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.
