The government has extended the last date for filing belated income tax return (ITR) from December 31 to January 15. Now you can file ITR till January 15, 2025 with late fee. If a taxpayer has already filed his ITR but later finds out that there are errors in it, he can now file a revised return till January 15. The last date to file ITR for the financial year 2023-24 without any late fees was July 31.
Late fees up to Rs 5,000
If you have not filed ITR for 2023-24 yet, then you can file it till January 15 with late fee. If the total income is less than Rs 5 lakh, then you will have to pay a late fee of Rs 1,000. If the total income is more than Rs 5 lakh, then a late fee of Rs 5,000 will have to be paid.
You can avoid the notice by filing belated 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. This means you can reduce your tax liability on your income in the next financial years. But now you will not be able to take advantage of this when you file ITR.
Apart from this, the Income Tax Department receives information about your income from many sources, if you do not file ITR, the Income Tax Department can send you a notice based on that information. It is beneficial to file ITR to avoid the hassles of notice.
ITR file process
- First of all go to the official site of Income Tax Department.
- Login using your PAN card number.
- Select ITR form according to your income.
- Assessment Year – Select AY2024-25 for FY24.
- Fill in the required personal details and deductions.
- A late fee of ₹ 5,000 will be applicable on filing.
- Submit and verify using Aadhaar OTP.
- If you wish, you can also go to the Income Tax Office and submit the form and choose the option to verify.
