Income Tax Return: This news can be useful for taxpayers because if you do not take care of some things, then you can be fined up to Rs 10,000.
Income Tax Return: The last date for filing Income Tax Return for the financial year 2023-24 and assessment year 2024-25 was 31 July 2024. But there is no need to panic because even if someone has missed the last date to file 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 31 December. For AY2024-25, belated ITR can be filed till 31 December 2024.
Penalty up to Rs 10,000
Filing belated Income Tax Return may attract a penalty under Section 234F of the Income Tax Act. Know how much penalty can be imposed-
- If the ITR is filed on or before 31 December of the assessment year, the penalty will be Rs 5,000.
- If the return is filed after 31 December but before the end of the assessment year (31 March), the penalty will be Rs 10,000.
But keep in mind that if the total income does not exceed Rs 5,00,000, then a penalty of Rs 1,000 will be charged.
Interest will be charged if there is delay in filing the return
If you have any outstanding tax liability, then interest (for delay in filing the return) can also be levied on the amount payable under section 234A. Keep in mind that if you file the return late, you cannot carry forward certain losses (for example, business loss, capital loss) to the future, except loss under income from house property.
Information about income tax refund
If you find out that you have made a mistake in your belated return, then you can also file a revised return (Revised ITR) within the deadline. If any tax has been paid in excess, then you can also claim a refund (Income Tax Refund), but due to late filing, this process may take more time.
Income Tax Return Verification
After filing the belated return, you need to verify it online through Aadhaar OTP, net banking, etc., or send a copy of the ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.
