Income Tax Returns (ITR) Filing For FY 2023-24
The deadline for filing belated Income Tax Returns (ITR) for the financial year 2023-24 is fast approaching. As the year draws to a close, it is essential to fulfill this obligation without delay.
If you have not yet submitted your ITR, please note that December 31, 2024, marks the final opportunity to do so. However, failing to meet this deadline will result in penalties and interest charges for late filing.
The deadline for submitting the Income Tax Return (ITR) for the fiscal year 2023-24 was July 31, 2024, applicable to taxpayers exempt from auditing their accounts.
If you have missed that deadline, the Income Tax department allows you to file the belated ITR.
As per Section 234F of the Income Tax Act, individuals who file their tax returns after the normal due date will incur a late filing fee of Rs 5,000.
This fee is reduced to Rs 1,000 for taxpayers with a total income below Rs 5 lakhs. It is crucial to adhere to the deadline to avoid these additional costs.
“Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year – at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, a belated return attracts late filing fees under section 234F,” the Income Tax department noted.
Who Can File A Belated ITR?
Taxpayers who failed to file their income tax return (ITR) by the July 31 deadline have until December 31 to submit their ITR for the Assessment Year 2024-25, with a late fee of Rs 5,000.
A belated return of income is one that is filed after the due date specified under section 139(1). Such belated returns are filed under section 139(4).
Penalties On Belated ITR
If you miss the final deadline of December 31, 2023, heavy financial implications follow. Late filing of Income Tax Returns (ITR) incurs penalties as per Section 234F of the Income Tax Act. The penalties are as follows:
- A penalty of Rs 5,000 if the return is filed on or before December 31 of the assessment year
- A penalty of Rs 10,000 if the return is filed after December 31 but before the end of the assessment year (March 31)
- For individuals with total income up to Rs 5 lakh, the penalty is reduced to Rs 1,000
Moreover, outstanding tax liabilities will accrue interest under Section 234A for the delay in filing the return.
Filing a belated return also affects the ability to carry forward certain losses, such as business or capital losses, except for losses under the heading “Income from House Property.”
In case of any mistakes in the belated return, a revised return can be filed by December 31, 2024.
Missing Dec 31 Deadline
Failure to file your Income Tax Return (ITR) for Assessment Year 2024-25 by the December 31 deadline will result in a penalty increase to Rs 10,000 if your annual income exceeds Rs 5 lakh.
In the event that a taxpayer fails to meet the deadline for filing a late return, they will not be able to submit an ITR for the financial year 2023-24 unless they receive a notice from the Income Tax Department.
However, if the ITR filing was missed due to “genuine reasons,” a request for condonation of delay can be filed under section 119.
This request should include a statement explaining the reason for missing the deadline. In such cases, a penalty of Rs 10,000 will be imposed, and interest at a rate of 1% will be charged until the return is filed.
Additionally, failure to file the ITR may result in prosecution under section 276 CC of the Income-tax Act.
