A belated ITR is a tax return filed after the original due date or any extended deadline. This can happen due to various reasons, such as oversight, unforeseen circumstances, or financial difficulties. While filing a belated return can lead to penalties and interest, understanding the process and consequences is crucial for ensuring compliance with tax laws.
Key Points About Belated ITR:
Eligibility:
You can file a belated return if you missed the original due date for filing your ITR, which is typically July 31st for individuals.
The last date for filing ITR for the financial year 2023-24 (assessment year 2024-25) was also July 31, 2024.
Belated ITR For AY 2024-25
The deadline for filing a belated ITR is December 31st of the assessment year. For the assessment year 2023-24, the belated ITR must be filed by December 31, 2024.
Penalty:
Filing a belated ITR may attract a penalty under Section 234F of the Income Tax Act. The penalty can be:
- Rs 5,000 if the ITR is filed on or before December 31 of the assessment year.
- Rs 10,000 if filed after December 31 but before the end of the assessment year (March 31).
However, if your total income does not exceed Rs 5 lakh, the penalty is reduced to Rs 1,000.
Interest on Tax Due:
If you have any outstanding tax liability, interest under Section 234A (for delay in filing a return) may also be levied on the amount due.
Deductions and Losses:
If you file a belated return, you cannot carry forward certain losses (e.g., business losses, capital losses) to future years, except for loss under the head “Income from House Property.”
Revised Return:
If you realise that you made a mistake in your belated return, you can still file a revised return within the same deadline (December 31 of the assessment year).
Refunds:
You can still claim a refund if any tax has been overpaid, but the process might take longer due to the late filing.
Verification:
After filing the belated return, you need to verify it either online through Aadhaar OTP, net banking, etc. or by sending a signed copy of ITR-V to the Centralized Processing Centre (CPC) within 120 days of filing.
Steps to File a Belated Return
- Visit the Income Tax Department’s e-filing portal: Income Tax Department e-Filing
- Login/Register: Use your PAN as the User ID.
- Choose the relevant form: Select the appropriate ITR form based on your income sources.
- Select the Assessment Year: Ensure you select AY 2024-25 for the financial year 2023-24.
- Fill in the details: Enter your income details, claim deductions, and calculate the tax payable.
- Pay the Tax: Pay any outstanding tax, along with applicable interest and penalties.
- Submit the Return: Verify and submit the return online. You can use an Aadhaar OTP, EVC via net banking, or send a signed physical copy of ITR-V to CPC, Bengaluru.
- Filing your ITR even after the due date helps avoid higher penalties and keeps you in compliance with tax regulations.
Considerations:
Filing a belated ITR as soon as possible is advisable to avoid higher penalties and interest.
Always ensure that the details provided in the ITR are accurate to prevent any issues with the Income Tax Department later.
Filing a belated return is better than not filing at all, as failure to file can result in more severe penalties and legal action.
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