There is still time, you can file ITR till January 15 with late fees.
The Central Board of Direct Taxes has extended the deadline for filing belated income tax returns to January 15, 2025. Now you can file ITR till January 15 with late fees.
Belated ITR Filing: It is important to file Income Tax Return (ITR) on time but even after this people tax return They are not serious about filing and this is the reason why they are not able to file the return even till the last date. However, every year the government extends the date several times to save people from inconvenience. This time too, giving relief to those who have not been able to file returns by the last date i.e. 31st December, the Central Board of Direct Taxes has extended the deadline for filing belated income tax returns to 15th January 2025. Now you can file ITR till January 15 with late fees. If your first filled ITR If there is any mistake in the return then you can also file the revised return till 15th January.
belated income tax return
The last date for filing income tax return is July 31, 2024. There is a facility of belated ITR for those taxpayers who did not file their ITR within this deadline. Under section 139(4) of the Income Tax Act, belated return can be filed by paying penalty and interest on tax.
Late fees will have to be paid
If you have not yet filed your tax return for the last year i.e. 2023-24, you can file it with late fees till January 15. If your total income is less than Rs 5 lakh then you will have to pay a late fee of Rs 1,000 but if your total income is more than Rs 5 lakh then you will have to pay a late fee of Rs 5,000.
The court had given the order
After hearing the PIL of the Chamber of Tax Consultants, the Bombay High Court had ordered the CBDT i.e. Central Board of Direct Taxes to extend the deadline for filing belated tax returns till January 15, 2025. According to the petitioner, there have been many changes in the procedure of ITR Utility. Due to this, taxpayers are facing difficulty in claiming rebate under Section 87A of the Income Tax Act, 1961. Therefore the time limit should be extended.
You can file ITR in this way
- Open the site of Income Tax Department.
- Login using PAN card number.
- Select ITR form according to income.
- Assessment Year- Select AY2024-25 for FY24.
- Fill the required personal details and deductions as required.
- Late fee of ₹ 5,000 will be applicable on return filing.
- Submit and verify using Aadhaar OTP.
- Pay the outstanding interest and penalty.
These losses will occur if returns are not filed by January 15
As per Income Tax rules, you can carry forward your losses to future financial years if you file your return before the due date. That means you can reduce tax liability on your earnings in the next financial years. But now you will not get its benefit on filing returns. If the return is not filed, the Income Tax Department can send you a notice.
