Missed The ITR Deadline? Examine Penalties And How To File Belated Return After July 31 | Private Finance Information

New Delhi: ITR Deadline Missed? As everyone knows, the July 31 deadline for submitting the Earnings Tax Return (ITR) for the monetary 12 months 2023-2024  has handed, and there would nonetheless be a whole lot of 1000’s of taxpayers who’ve but not filed their revenue tax returns. 

Notably, the greater than seven crore revenue tax returns (ITR) have been filed till 7 pm on July 31, 2024.  

No Late ITR Penalty For Lacking July 31 Deadline

The taxpayers who have not filed the ITR could face sure penalties or penalties for submitting late. Nonetheless, it is essential to finish the method as quickly as potential to attenuate any additional points. So, taxpayers can file the belated return in the event that they miss the deadline date. 

What’s a Belated Return?

A belated return beneath Part 139(4) of the Earnings Tax (I-T) Act is a return filed after the deadline has handed. Taxpayers who missed the July 31 deadline can nonetheless file a belated return.

People are permitted to file a belated return by December 31 of the related evaluation 12 months.

Listed below are the Penalties Or Drawbacks of Lacking ITR Deadline Date

– If you happen to file your revenue tax return after July 31, you’ll have to pay a penalty of Rs 5,000. In case your revenue is under Rs 5 lakh, the penalty is Rs 1,000.

– If you happen to owe taxes, you will need to pay a penalty of 1 per cent per 30 days from August 1 till you pay the tax, as per part 234A of the Earnings Tax Act.

– If you happen to file your revenue tax return after July 31, you lose the fitting to say exemptions beneath the previous tax regime.

– If you happen to miss the deadline to file your revenue tax return, you can not carry ahead capital losses to future years.

Here is How You Can File Belated ITR After July 31? 

Step 1: Open the official web site at www.incometaxindiaefiling.gov.in.

Step 2: Log in utilizing your credentials. If you’re a brand new consumer, register utilizing your PAN particulars.

Step 3: Choose the suitable ITR type based mostly in your revenue supply and class.

Step 4: Fill in all related particulars, calculate the tax payable, and embrace any relevant curiosity and penalty expenses.

Step 5: Use the e-payment facility to pay the late price and any excellent taxes. Make sure you specify the right evaluation 12 months and the part beneath which you make the cost.

Step 6: After finishing the shape, submit it on-line. Confirm your return utilizing Aadhaar OTP, web banking, or by sending a bodily copy to CPC Bengaluru.