The Income Tax Department sets a deadline for filing income tax returns. The taxpayer has to file the return within this deadline. If they do not file ITR within the deadline, they have to pay a late fee. However, the department has given the taxpayer an opportunity to file a belated return. If you too have not filed ITR in July, then this news is for you.
New Delhi. Taxpayers have to file income tax returns (ITR filing) once a year. For this, a deadline is fixed by the Income Tax Department. If taxpayers do not file returns within the deadline, then they have to pay a penalty. If you also did not file returns on 31 July 2024, then you still have the last chance.
Taxpayers who have not filed ITR in July can file Belated Return by 31 December 2024. Along with filing this return, they will have to pay a penalty. If they do not file the return even by this deadline, then they may have to pay a heavy penalty.
What is Belated ITR?
If taxpayers miss filing ITR, then they have a chance to file late returns. They can file returns till 31 December 2024. They have to pay late fees on filing belated returns. If the taxpayer does not file belated return, then he has to pay a fine of Rs 10,000. Apart from this, strict action can also be taken by the Income Tax Department.
How much fine will have to be paid?
Taxpayers whose annual income is less than Rs 5 lakh will have to pay a late fee of Rs 1,000. Whereas, those with an income of more than Rs 5 lakh will have to pay a late fee of Rs 5,000.
How to fill belated return?
- First of all go to the e-filing portal (https://eportal.incometax.gov.in/iec/foservices/#/login) of the Income Tax Department website.
- Now log in to the e-Filing Portal with the help of PAN number.
- After this, select the correct ITR form according to your income source.
- Now select Assessment Year 2024-25 for FY2023-24.
- After this, the taxpayer will have to give information about income, tax deduction and arrears etc.
- Now pay the outstanding interest and penalty etc. and submit the form.
- After filing ITR, verify it. Verify ITR through Aadhaar OTP, Net Banking. Let us tell you that without verifying ITR, the return will not be valid.
