If taxpayers miss the December 31 deadline to file ITR for FY 2024-25, the penalty amount will increase to Rs 10,000, provided the annual income exceeds Rs 5 lakh.
Belated ITR Filing Deadline 2024: Taxpayers who have missed the July 31 last date for filing their income tax returns (ITR) have time till December 31 to file ITR for assessment year 2024-25, on which a late fee of Rs 5,000 will have to be paid. Returns filed after the due date under section 139(1) of the Income Tax Act are called belated returns. However, belated returns attract late filing charges under section 234F. The last date for filing income tax returns for the financial year 2023-24 (AY 2024-25) was July 31, 2024. This was for taxpayers who do not have to get their accounts audited. Let’s know who has to pay how much penalty for filing late returns.
Must file return by 31 December
According to the Income Tax Department, as per section 234F, a late filing fee of Rs 5,000 has to be paid for filing the return after the due date under section 139(1). However, if the total income of the person does not exceed Rs 5 lakh, the amount of late filing fee to be paid will be Rs 1,000. If taxpayers miss the December 31 deadline for filing ITR for FY 2024-25, the penalty amount will increase to Rs 10,000, provided the annual income exceeds Rs 5 lakh.
Fill your return this way
- If you have not filed your return yet, then first go to the Income Tax e-filing portal to file delayed ITR.
- Login using PAN on the Income Tax Department e-filing portal.
- After this, choose the appropriate ITR form as per your sources of income.
- Then choose Assessment Year 2024-25 for FY 2023-24.
- Fill in the details: Fill in the details of your income, tax exemption and tax liability. Pay any outstanding tax including interest and penalty.
- Submit the return: Verify the return through Aadhaar OTP, net banking or physical verification.
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