NEW DELHI: Taxpayers who failed to file their income tax return (ITR) for the Assessment Year (AY) 2024-25 by the July 31 deadline still have an opportunity to comply. The Income Tax Department allows individuals to file a belated return under Section 139(4) of the Income Tax Act until December 31, 2024, but with a late fee of ₹5,000.
A belated return is an ITR furnished after the due date specified under Section 139(1). Taxpayers filing a belated return must pay late fees as per Section 234F.
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The late filing fee is determined by the taxpayer’s annual income: ₹5,000 for incomes above ₹5 lakh and ₹1,000 for incomes up to ₹5 lakh.
A belated return restricts the ability to carry forward certain losses (e.g., business or capital losses), except for losses under the head “Income from House Property.” If there are any outstanding tax liabilities, they will incur interest under Section 234A for the delay in filing the return
After filing the belated return, taxpayers must verify it online (via Aadhaar OTP, net banking, etc.) or by sending a signed ITR-V to the Centralized Processing Centre (CPC), Bengaluru, within 120 days of filing.
If you realise any mistakes in your belated ITR, you have the option to file a revised return. This must also be done by 31 December 2024.
Refunds for overpaid taxes can still be claimed but may face delays due to late filing.
If taxpayers fail to file their ITR by December 31, 2024, the penalty will increase to ₹10,000 for incomes exceeding ₹5 lakh. Additionally, non-filing may lead to further scrutiny or legal actions by the tax authorities.
To file a belated return for FY 2023-24 (AY 2024-25), visit the Income Tax e-Filing Portal. Log in or register using your PAN as the user ID. Choose the appropriate ITR form based on your income sources, and follow the instructions provided.