Today marks the final deadline for filing a belated Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25). Taxpayers who missed the initial deadline of July 31, 2024, now have until midnight tonight to file their returns with a late fee. Failing to do so could result in penalties of up to ₹10,000 and possible legal action.

Extended Deadline Ends Today

Initially, the Income Tax Department had set the last date for filing belated ITRs as December 31, 2024. However, the deadline was later extended to January 15, 2025, offering taxpayers additional time to complete the filing process with a late fee under Section 234F of the Income Tax Act.

Late Fees Based on Income

The late fees for filing belated ITRs are categorized as follows:

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

Taxpayers have the option to file revised returns multiple times until the specified deadline without incurring any additional penalty or fee for revisions.

Consequences of Missing the Deadline

Taxpayers who fail to meet today's deadline face the following consequences:

1. Higher Penalty: A fine of ₹10,000 will be imposed for individuals with an annual income exceeding ₹5 lakh.
2. Legal Action: The Income Tax Department may initiate legal proceedings for non-compliance.

Steps to File Your Belated ITR

To file your ITR before the deadline:

1. Visit the official Income Tax e-Filing Portal.
2. Log in using your PAN credentials.
3. Select the appropriate ITR form based on your sources of income.
4. Choose the assessment year 2024-25 for FY 2023-24.
5. Enter your income, tax exemptions, and tax liability details.
6. Pay any outstanding tax, including applicable interest and penalty.
7. Verify your return using Aadhaar OTP or net banking.

Avoid Delays

Filing your ITR on time helps you avoid penalties and ensures compliance with tax laws. Take action now to complete your filing before the deadline ends at midnight.