If you have not yet filed your Income Tax Return (ITR) for the financial year 2023–24, you still have a chance to do so. However, this will require you to pay a late fee. Filing your belated return before the end of the year is critical to avoid hefty penalties.

Key Dates for ITR Filing

• Original Deadline: 31st July 2024.
• Belated Filing Deadline: 31st December 2024.
  If you fail to meet the 31st December deadline, you may face severe consequences, including a ₹10,000 penalty.

What is a Belated ITR?

A belated return is a tax return filed after the original due date but within the extended grace period allowed by the Income Tax Act (Section 234F). This requires payment of a late fee.

Late Fee Structure for FY 2023–24

The late fee varies based on your annual income:

• Annual Income Below ₹5 Lakhs: ₹1,000 late fee.
• Annual Income Above ₹5 Lakhs: ₹5,000 late fee.

Consequences of Not Filing ITR

1. ₹10,000 Penalty: If you fail to file even the belated ITR, a fine of ₹10,000 may be imposed.
2. Legal Action: The Income Tax Department may initiate legal proceedings against you.
3. Loss of Benefits: Missing the filing deadlines may affect your ability to claim tax refunds or benefits.

Why File ITR Even If It's Late?

1. Avoid higher penalties and legal consequences.
2. Ensure compliance with tax laws.
3. Maintain eligibility for financial products, such as loans or credit cards.

Takeaway: If you haven’t yet filed your ITR for FY 2023–24, act immediately to meet the 31st December 2024 deadline. It’s better to pay the late fee now than face more severe penalties later.