It is very important be aware that you could be face sure penalties or penalties for submitting late. Nonetheless, it is essential to finish the method as quickly as doable to reduce any additional points.
What’s the deadline for submitting belated ITR?
Keep in mind, the deadline for submitting belated revenue tax returns is December 31 annually. If you have not filed your taxes for the 2023-24 monetary yr (evaluation yr 2024-25), you have got till December 31, 2024, to submit your late return.
A belated return refers back to the submission of your revenue tax return after the unique deadline (July 31) has handed. Any such return is filed below Part 139(4) of the Earnings Tax Act, 1961.
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Easy methods to file belated ITR for FY 2023-24?
The method for submitting a belated ITR is just like submitting earlier than the deadline. The one distinction is that when finishing the belated ITR kind, you need to choose part 139(4) as a substitute of 139(1), in accordance with an ET report.
Submitting an revenue tax return after the deadline topics people to a late submitting price below Part 234F of the Earnings Tax Act. The penalty for submitting a belated ITR earlier than December 31 of the evaluation yr is Rs 5,000. Nonetheless, if the overall revenue doesn’t exceed Rs 5,00,000, the penalty is capped at Rs 1,000.
People whose taxable revenue is beneath Rs 5 lakh will face a penalty of Rs 1,000 for submitting a belated ITR, no matter whether or not any tax fee is required. If the overall revenue falls beneath the essential exemption restrict, no late charges shall be imposed for a delayed ITR. Nonetheless, a advantageous will nonetheless be levied if submitting an ITR is obligatory, even when the overall revenue is beneath the exemption restrict, the report mentioned.
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Along with the late submitting price, penal curiosity shall be charged on any pending tax dues whereas submitting a belated ITR. Underneath Part 234 A, B, or C, penal curiosity is levied at a charge of 1% per thirty days on the tax-due quantity. Part 234A applies to self-assessment tax dues, whereas Sections 234B and 234C apply to non-payment or shortfall prematurely tax fee, respectively.
Submitting a belated ITR comes with a number of disadvantages past the penalty for late submitting. People lose the flexibility to hold ahead losses from capital positive factors, enterprise revenue, and different sources, apart from losses from home property.
 Filing: For FY 2023-24, the deadline for filing Income Tax Returns was July 31, 2024. However, taxpayers can file a belated IT){kind=link}