New Delhi: If you miss the deadline to file your income tax return (ITR), you can still file a belated return after the due date, albeit with a penalty. Here’s what you need to know:
- Belated Return Deadline:
- The due date to file an ITR for the Financial Year 2023-24 is 31st July 2024.
- If you miss this original deadline, you can file a late return, known as a Belated Return.
- The last date to file a belated AY 2024-25 return is on or before 31st December 2024.
- Penalty for Late Filing:
- If you file your ITR after the due date but before 31st December 2024, a maximum penalty of Rs 5,000 will be levied.
- The penalty amount depends on your gross total income:
- Up to Rs. 2.5 lakh: No penalty
- Rs. 2.5 lakh – Rs. 5 lakh: Rs. 1,000
- More than Rs. 5 lakh: Rs. 5,000
- Additionally, interest may apply under sections 234A, 234B, and 234C.
- Drawbacks of Filing Late:
- Losses (business and capital) cannot be carried forward and set off in subsequent years, except for losses from house property.
- Certain deductions/exemptions (e.g., u/s 10A, 10B, 80-IA, etc.) are disallowed if ITR is filed after the original deadline.
Remember, timely filing is essential to avoid penalties and maximize tax benefits. If you need assistance, consider using ClearTax or follow the step-by-step guide to file a belated return online or offline.
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