Belated Return Filing Extended Deadline: The deadline for filing belated or revised returns was December 31, 2024, which has been extended by the Income Tax Department to January 15, 2025. Taxpayers who have not been able to file their returns till now now have 2 days left for this.
Belated Revised Return Filing Extended Deadline: Now 5 days are left to file belated return and revised return. Taxpayers who have not yet filed their tax return should complete this important work. The Income Tax Department has issued a circular on the last day of the year and extended the deadline for belated and revised returns for the financial year 2023-24 i.e. assessment year 2024-25 till January 15, 2025. Earlier, the last date for filing belated return was 31 December 2024.
What is belated return?
Taxpayers who are unable to file their tax return on time have an option to file a late return called belated return. Belated return has to be filed under section 139(4) of the Income Tax Act. The last date for filing income tax return for the financial year 2023-24 i.e. assessment year 2024-25 was 31 July 2024.
Belated returns are filed after the original deadline i.e. July 31. As per section 139(4) of the Income Tax Act, this provision allows taxpayers who have missed the deadline to submit their returns within a certain time limit. For FY 2023-24 (AY 2024-25), taxpayers can now file belated returns till January 15, 2025.
For whom are revised returns?
Revised Return is an option that allows taxpayers to correct errors or omissions made in their previously filed Income Tax Return (ITR). This process is available under Section 139(5) of the Income Tax Act, 1961. The Income Tax Department said through a circular issued on Tuesday that for the financial year 2023-24 (AY 2024-25), taxpayers can file revised returns by January 15, 2025 instead of December 31, 2024.
How to file belated return
See step by step process here to fill belated return
First of all go to the e-filing website of the Income Tax Department.
Log in with the help of PAN.
Now select AY 2024-25 and ITR form.
Now fill in the required information.
Pay tax
Finally confirm the return through Aadhaar OTP, net banking or physical verification and submit it.
How much penalty will have to be paid for filing the return late
If a person does not file the income tax return on time under section 139(1) or within the time limit prescribed under the notice issued under section 142(1), he can file the return for any previous year. This return can be filed three months before the end of the respective assessment year or before the end of the assessment year, whichever is earlier. However, filing a belated return may attract a penalty under section 234F. If the return is filed after the due date prescribed under section 139(1), then a late fee of Rs 5,000 will have to be paid under section 234F for filing a belated return. However, if the total income of the person does not exceed Rs 5 lakh, the amount of late filing fee will be Rs 1,000.
Why is it necessary to file a belated return?
Even though there are some problems in filing a belated return, it is much more beneficial than not filing it at all. There are several reasons behind this
Legal responsibility: Filing returns is a legal requirement. If you don’t file it, you may face legal problems.
Avoidance of penalty: Those who do not file returns may receive a notice from the Income Tax Department and may also be fined.
Financial documents: ITR is important for various financial transactions such as visa applications and loan approvals
Peace of mind: Complying with tax laws gives you peace of mind and avoids problems in the future.
So, filing belated returns is not only a better option but it can also be beneficial for your financial future.
If you file your returns after the normal deadline, you may have to pay a penalty of Rs 5,000 but if your total income is less than Rs 5 lakh, this penalty will be reduced to Rs 1,000.
If you miss filing belated return, you will incur huge loss
If your annual income from all sources is more than Rs 5 lakh and you miss the deadline of 15 January 2025 to file ITR for assessment year 2024-25, then you may have to pay a fine of Rs 10,000.
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