ITR
Belated ITR Filing Deadline 2024: Taxpayers who have missed the July 31 deadline to file their income tax returns (ITR) have time till December 31 to file ITR for assessment year 2024-25, which is But late fee of Rs 5,000 will have to be paid. Under Section 139(1) of Income Tax, the return filed after the due date is called delayed return. However, late filing of late returns attracts charges under section 234F. The last date for filing income tax returns for the financial year 2023-24 (AY 2024-25) was July 31, 2024. This was for those taxpayers who do not have to get their accounts audited. Let us know who has to pay how much penalty for filing late returns.
Must file returns by 31st December
According to the Income Tax Department, as per Section 234F, a late filing fee of Rs 5,000 has to be paid if the return is filed after the due date under Section 139(1). However, if the total income of the individual does not exceed Rs 5 lakh, the amount of late filing fee to be paid will be Rs 1,000. If taxpayers miss the December 31 deadline to file ITR for FY 2024-25, the penalty amount will increase to Rs 10,000, provided the annual income is more than Rs 5 lakh.
Fill your return like this
If you have not filed the return yet, first go to the Income Tax e-filing portal to file delayed ITR. Login to the Income Tax Department e-filing portal using PAN. After this choose the appropriate ITR form as per your sources of income. Then select assessment year 2024-25 for FY 2023-24. Fill the details: Fill the details of your income, tax exemption and tax liability. Pay any outstanding tax including interest and penalties. Submit Returns: Verify returns through Aadhaar OTP, Net Banking or physical verification.
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