Missed ITR deadline? Right here’s how one can file a belated revenue tax return after July 31 – verify deadline for belated ITR, penalties

Revenue Tax Return (ITR) Submitting FY 2023-24: The deadline for submitting Revenue Tax Returns for FY 2023-24 was July 31, 2024. Nevertheless, when you haven’t been capable of file your ITR inside the deadline, you’ll be able to at all times file a belated ITR.
It is very important word that you could be face sure penalties or penalties for submitting late. Nevertheless, it is essential to finish the method as quickly as potential to reduce any additional points.

What’s the deadline for submitting belated ITR?

Bear in mind, the deadline for submitting belated revenue tax returns is December 31 annually. If you have not filed your taxes for the 2023-24 monetary yr (evaluation yr 2024-25), you will have till December 31, 2024, to submit your late return.
A belated return refers back to the submission of your revenue tax return after the unique deadline (July 31) has handed. This sort of return is filed below Part 139(4) of the Revenue Tax Act, 1961.
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The right way to file belated ITR for FY 2023-24?

The method for submitting a belated ITR is much like submitting earlier than the deadline. The one distinction is that when finishing the belated ITR type, it’s essential to choose part 139(4) as a substitute of 139(1), in accordance with an ET report.
Submitting an revenue tax return after the deadline topics people to a late submitting price below Part 234F of the Revenue Tax Act. The penalty for submitting a belated ITR earlier than December 31 of the evaluation yr is Rs 5,000. Nevertheless, if the full revenue doesn’t exceed Rs 5,00,000, the penalty is capped at Rs 1,000.
People whose taxable revenue is under Rs 5 lakh will face a penalty of Rs 1,000 for submitting a belated ITR, no matter whether or not any tax fee is required. If the full revenue falls under the essential exemption restrict, no late charges shall be imposed for a delayed ITR. Nevertheless, a high quality will nonetheless be levied if submitting an ITR is necessary, even when the full revenue is under the exemption restrict, the report mentioned.
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Along with the late submitting price, penal curiosity shall be charged on any pending tax dues whereas submitting a belated ITR. Beneath Part 234 A, B, or C, penal curiosity is levied at a price of 1% per thirty days on the tax-due quantity. Part 234A applies to self-assessment tax dues, whereas Sections 234B and 234C apply to non-payment or shortfall upfront tax fee, respectively.
Submitting a belated ITR comes with a number of disadvantages past the penalty for late submitting. People lose the power to hold ahead losses from capital positive factors, enterprise revenue, and different sources, excluding losses from home property.