ITR Filing Date: There are many people here who have money deposited in the bank. The bank deducts TDS (Tax Deduction at Source) on the interest received on this amount. It is possible that the person whose TDS is being deducted does not have enough income to pay income tax. This amount can be recovered, but for this, the income tax return has to be filed. The last date for filing ITR in the assessment year 2024-25 was 31 July 2024. But for those who have not filed ITR, there is still time. C. Kamlesh Kumar, Taxation Partner, Ravi Rajan & Co LLP, Delhi, is telling us about this.

What is the last date for filing a return?

The due date for filing income tax returns (ITR) for the financial year 2023-24 for individuals, Hindu Undivided Families (HUFs), and other taxpayers who are not required to get their accounts audited under any law was July 31, 2024. If you missed this deadline, you need to know about your options.

Can a belated return be filed?
If you have not filed your income tax return by the due date, you can still file a belated return under section 139(4) of the Income Tax Act, 1961. This provision allows taxpayers to submit their returns even after the original deadline. Yes, you may have to pay a penalty or filing fee for using this facility.

How much fee will have to be paid?
You will have to pay a late filing fee for filing a late return under section 234F of the Income Tax Act, 1961. How much the fee will be, it will depend on the income of the person filing the ITR. If the annual income of the return filer in the previous year is more than Rs 5 lakh, then they will have to pay a late fine of Rs 5,000. If someone's income is between 2,50,001 and 5,00,000, then they will have to pay a fee of Rs 1,000. If the annual income of the ITR filer is up to Rs 2.5 lakh, then they will not have to pay any fee.

Till when can you file a belated ITR

So, if you have missed the original deadline of July 31, 2024, you still have time. You are free to file belated returns between August 1, 2024, and December 31, 2024. During this time, you can not only file your income tax return, but you can also claim a refund of TDS deducted by the bank. Meaning that you are also entitled to get a refund of that amount.

You can also file an updated return.
If you miss the extended deadline of December 31, 2024, you can still file your income tax return, but it will be treated as an updated return under section 139(8A) of the Income Tax Act, 1961. This option allows you to file your return up to two years from the end of the relevant assessment year. But, you will have to pay an additional fee. 25% of the tax payable if the updated return is filed within one year. 50% of the tax payable if the updated return is filed within two years.

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