Learn how to file a delayed return
Last Date for Filing of Belated ITR: The last date for filing income tax return for the financial year 2023-24 (assessment year 2024-25) was July 31, 2024. It was the last date to file tax returns for taxpayers who do not need to get their accounts audited.
ITR deadline missed
Can you file ITR after 31 July?
Even if you miss the deadline, you can still file your tax return with a late fee. This is called filing a delayed return.
Key points about delayed ITR:
Eligibility:
You can file a belated return if you missed the original due date for filing your ITR, which is usually 31st July for individuals.
Delayed ITR due date
Deferred ITR for AY 2024-25
The last date for filing belated ITR is 31st December of the assessment year. For AY 2024-25, delayed ITR must be filed by December 31, 2024.
Penalty:
Late filing of ITR may attract penalty under Section 234F of the Income Tax Act. Penalties can be:
- If ITR is filed on or before 31st December of the assessment year Rs. 5,000.
- 10,000 Rs.
However, if your total income is Rs. 5 lakhs, the fine shall be reduced to Rs. 1,000 is made.
Interest on arrears of tax:
If you have any outstanding tax liability, interest under section 234A (for delay in filing return) may also be levied on the outstanding amount.
Deductions and Losses:
If you file a deferred return, you cannot carry forward certain losses (eg, business losses, capital losses) to future years, except losses under the head “Income from house property”.
Revised Returns:
Even if you realize that you have made a mistake in your belated return, you can still file a revised return within the same deadline (December 31 of the assessment year).
Refund:
You can still claim a refund if any tax has been overpaid, but late filing may take longer to process.
Verification:
After filing the belated return, you need to verify it online through Aadhaar OTP, Net Banking etc., or by sending the signed copy of ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.
How to file deferred return for AY 2024-25
Steps to file a belated return
- Visit the Income Tax Department’s e-filing portal: Income Tax Department e-Filing
- Login/Register: Use your PAN as User ID.
- Choose the relevant form: Choose the right ITR form based on your sources of income.
- Select Assessment Year: Make sure you select AY 2024-25 for FY 2023-24.
- Fill Details: Enter your income details, claim deductions and calculate tax payable.
- Pay Taxes: Pay any outstanding taxes, including applicable interest and penalties.
- Submit Return: Verify and submit return online. You can use Aadhaar OTP, EVC through net banking or send signed physical copy of ITR-V to CPC, Bangalore.
- Filing your ITR even after the due date helps avoid further penalties and helps you comply with tax rules.