Belated ITR or revised ITR deadline: The deadline to file belated ITR is very close. If you fail to file tax returns this time, you may have to pay a fine of up to Rs 10,000. The last date for filing billed ITR for taxpayers who have missed filing returns by July 31 this year for the financial year 2023-24 i.e. assessment year 2024-25 is December 31, 2024. That means, with the end of the year, the deadline for billeted ITR will also end. In such a situation, complete these important tasks in time otherwise you may have to suffer huge losses.
What is billeted return?
Taxpayers who are unable to file their tax returns on time have an option to file a late return which is called a belated return. Billed returns have to be filed under Section 139(4) of the Income Tax Act. The last date to file 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. 31st July. This provision as per section 139(4) of the Income Tax Act allows taxpayers who have missed the deadline to submit their returns within a certain time limit. For FY 2023-24 (AY 2024-25), individuals can file belated ITR till December 31, 2024.
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How much penalty will have to be paid for filing returns late?
If a person does not file a return of income under section 139(1) in time or within the time limit prescribed under a notice issued under section 142(1), he may file a return for any previous year. This return can be filed three months before the end of the relevant assessment year or before the end of the assessment year, whichever is earlier. However, filing belated return may result in penalty under section 234F. If the return is filed after the due date prescribed under Section 139(1), then a late fee for filing belated return of Rs 5,000 will have to be paid under Section 234F. However, if the total income of the individual does not exceed Rs 5 lakh, the amount of late filing fee will be Rs 1,000.
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Why is it necessary to file belated return?
Even though there may be some problems in filing belated returns, it is more beneficial than not filing at all. Many reasons account for this
Legal Responsibility: Filing returns is a legal requirement. If you do not fill it, you may have to face legal problems.
Protection from 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 like visa applications and loan approvals
Peace of mind: Following tax laws gives you peace of mind and can avoid problems in the future.
Therefore, filing belated returns is not only a better option, but it can also be beneficial for your financial future.
If you file your return 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.
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How to file belated return
See here step by step process to file 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 the required information.
pay tax
Finally, confirm and submit the return through Aadhaar OTP, Net Banking or physical verification.
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Failure to file billed return will result in huge loss
If your annual income from all sources is more than Rs 5 lakh and you miss the December 31 deadline to file ITR for assessment year 2024-25, you may have to pay a penalty of Rs 10,000.
Know this also
Revised ITR is to correct the errors in the original ITR which you had earlier submitted. Therefore, all the information in it should be correct. You should check your personal details like name, address, PAN and bank account and disclose all sources of income.
