ITR Filing Last Date: For those taxpayers who missed the July 31 deadline to file ITR for the financial year 2023-24 (assessment year 2024-25), the deadline for belated ITR filing ends today.
ITR Filing Last Date: If you are a taxpayer and have not filed your Income Tax Return (ITR) for FY2023-24, then today is the last chance to file it with late fee, as its deadline is ending today. Yes, the Income Tax Department had fixed the last date of July 31 for filing ITR, which was extended to December 31, 2024 with late fee and then at the last moment the deadline for filing belated ITR was extended to January 15, 2025. In such a situation, it is important to get this work done quickly, otherwise you may have to face penalty and income tax action.
The deadline was extended till January 15
Earlier the date of December 31 was fixed by the Income Tax Department to file ITR with late fee, but giving relief to the taxpayers, it was extended once again to January 15, 2025. It is worth noting that taxpayers who have missed the July 31 deadline for filing ITR for the financial year 2023-24 (assessment year 2024-25) have a chance to file their delayed return or Belated ITR today. It can be filed with late fees as per section 234F of the Income Tax Act.
Late fees divided into two categories
The late fees applicable for filing belated ITR have been divided into two categories according to annual income. According to the rules, people whose annual income is less than Rs 5 lakh can do this work by paying a late fee of Rs 1000, whereas if the annual income of any taxpayer is more than Rs 5 lakh, then the late fee (ITR Late Fees) for them has been fixed at Rs 5,000. At the same time, you can file revised returns as many times as you want till this date. Neither any fee has to be paid for filing revised returns nor any kind of penalty is levied.
What will happen if the deadline is missed?
Now let’s talk about what will happen if taxpayers are unable to do this tax related work on 15 January i.e. today and miss the deadline? So let us tell you that for taxpayers with an annual income of more than Rs 5 lakh, the penalty increases to Rs 10,000 after this deadline. Apart from this, after this mistake, you may also have to face legal action by the Income Tax Department.
Fill your belated ITR quickly like this
- First of all go to the e-filing portal in the income tax website.
- Login using PAN on the e-Filing Portal.
- Now choose the appropriate ITR form as per your sources of income.
- After this, choose assessment year 2024-25 for FY2023-24.
- Enter your income, tax exemption and tax liability information.
- Remember to also pay any outstanding tax including interest and penalty.
- After this, verify the return through Aadhaar OTP, net banking.
