If you miss this deadline for filing ITR, you will be fined Rs 10,000

1 month ago newscubic

Taxpayers who have missed the July 31 last date for filing their income tax returns (ITR) have time till December 31 to file ITR for assessment year 2024-25, on which a late fee of Rs 5,000 will have to be paid. Returns filed after the due date under section 139(1) of the Income Tax Act are called belated returns. However, belated returns attract late filing charges under section 234F. The last date for filing income tax returns for the financial year 2023-24 (AY 2024-25) was July 31, 2024. This was for taxpayers who do not have to get their accounts audited. Let’s know who has to pay how much penalty for filing late returns.

Make sure to file the return by December 31

According to the Income Tax Department, as per section 234F, a late filing fee of Rs 5,000 has to be paid for filing the return after the due date under section 139(1). However, if the total income of the person does not exceed Rs 5 lakh, the amount of late filing fee to be paid will be Rs 1,000. If taxpayers miss the December 31 deadline for filing ITR for the financial year 2024-25, the penalty amount will increase to Rs 10,000, provided the annual income is more than Rs 5 lakh.

Fill your return this way

If you have not filed the return yet, then first go to the Income Tax e-filing portal to file the belated ITR.
Login to the Income Tax Department e-filing portal using PAN.
After this, choose the appropriate ITR form according to your sources of income.
Then select Assessment Year 2024-25 for FY 2023-24.
Fill in details: Fill in details of your income, tax exemption and tax liability. Pay any outstanding tax including interest and penalty.
Submit return: Verify the return through Aadhaar OTP, net banking or physical verification.