If you have not yet filed an Income Tax Return (ITR) for the financial year 2023-24, then you can file it by 15 January 2025 with late fee. That is, you have only 3 days left for this. After this, you will not be able to file the return, due to which you may have to face other legal problems including fine along with getting a notice.
If you file a belated income tax return of less than Rs 5 lakh, then you will have to pay a late fee of Rs 1,000. At the same time, a late fee of Rs 5,000 will have to be paid on income of Rs 5 lakh or more. The last date for filing ITR without any late fee for the financial year 2023-24 was 31 July.
Income Tax Return (ITR) file process
• First of all go to the official website of Income Tax Department.
• Login using your PAN card number.
•Choose ITR form according to your income.
• Assessment Year – Select AY2024-25 for FY24.
• Fill in the required personal details and deductions.
• Late fee of ₹ 5,000 will be applicable on filing.
• Submit and verify using Aadhaar OTP.
• If you want, you can also choose the verification option by going to the Income Tax Office and submitting the form.
If the form is not filled by 15 January then
You can avoid the notice by filing a belated Income Tax Return (ITR), but there are many disadvantages of not filing the return by the due date i.e. 31st July. According to the Income Tax rules, if you file ITR before the due date, you can carry forward your loss to the next financial year. That is, you can reduce the tax liability on your income in the next financial year. But if you file ITR now, you will not be able to take advantage of this.
Apart from this, the Income Tax Department receives information about your income from many sources, if you do not file an ITR, the Income Tax Department can send you a notice based on that information. It is beneficial to file an Income Tax Return to avoid the hassles of notice.
