Late ITR: If you have forgotten to file your income tax return or want to make corrections in the filed return, then the last deadline for that is December 31. You will have to file ITR with a penalty of five thousand rupees.
Belated ITR: If you have forgotten to file income tax return for the financial year 2023-24 or have to make any correction in the filed return, then the last deadline for that is December 31. If you have not been able to file ITR on time, then you will have to pay a penalty of five thousand rupees while filing ITR before December 31. You will have to pay this penalty even if you do not have any tax dues. If the taxable income is not more than three lakh rupees annually, then no penalty will have to be paid.
What will happen if you forget the deadline
If you forget the deadline of December 31 due to negligence or compulsion or by mistake, then you may have to face the consequences. The first thing is that if you do not file income tax return further, then you will lose all kinds of refunds. After this you can only file an updated return, in which you can only tell that you are going to pay the tax liability. However, for missing the December 31 deadline, you will still have to pay tax and penalty.
What are the disadvantages of missing the original deadline of ITR
Let us assume that if you are unable to file ITR on time, then you can file ITR till 31 December with penalty. But there are more disadvantages of missing the original date and filing ITR as per the deadline of 31 December. In such a situation, the taxpayer will not be able to adopt the old tax regime. Because the delayed return can be filed only under the new tax regime. There are many types of deductions and exemptions available in the old tax regime, which are not available in the new tax regime. These deductions and exemptions help the taxpayers in reducing the taxable income to a great extent.
