Missed to file your Income Tax Return
Income-tax returns (ITRs) for the fiscal year 2024-2025 had to be submitted by July 31, 2024. If you missed the deadline, you can still file a delayed ITR under the Income-Tax Act.
“If, for whatever reason, you missed filing your ITR by the due date, you may still file a late ITR up to three months before the end of the assessment year or before the end of the assessment, whichever is earlier.
A belated ITR for FY24 may be filed by December 31.
Remain compliant
Submitting a late ITR allows you to keep on track with tax regulations and avoid legal problems. It can also help you avoid costly penalties and letters from the tax office.
“Despite some additional penalties and interest, it allows taxpayers to correct their noncompliance. They still have the right to a refund if they are eligible based on their computation and ITR, even if they did not submit by the due date”.
Filing a belated ITR can minimize the interest owed under Section 234A for failure to file. The sooner you file, the less interest you’ll have to pay.
File for the new tax regime.
Filing a late ITR has some disadvantages. “A late filing charge will apply, as well as interest liabilities. Suresh Surana, a chartered accountant based in Mumbai, argues that the risk of tax scrutiny by the income-tax authorities grows.
There is a Rs 5,000 fine for taxpayers who file a belated ITR. If your total income is up to Rs 5 lakh, this cost is reduced to Rs 1,000.
Furthermore, the taxpayer must pay simple interest at the rate of one percent per month on the amount of tax owed from the due date to the date of filing the belated return.
“A person filing a belated return shall also not have the option to opt for the old tax regime and hence may not be able to claim certain deductions,” contends Patnaik.
Belated ITR filing limits the ability to carry forward some losses, such as business or capital losses.
“However, losses under the head ‘income from house property’ can still be carried forward if you file before the end of the assessment year,” adds Devansh Jain, principle associate at PSL Advocates and Solicitors.
If you are qualified for a refund, you may request it. “But these refunds may be processed later than those for returns filed by the due date”
File immediately and guarantee accuracy.
File a belated return as soon as possible to avoid missing the December 31, 2024 deadline.
If you have any unpaid taxes, pay them together with any applicable interest before filing the late return.
“File on time, gather all documentation, and make the necessary documents available.” Understand your statement before filing, and make sure your tax deducted at source (TDS) and other refunds, such as Forms 16, 16A, and 26AS, are taken into account,” explains Alay Razvi, partner at Accord Juris LLP.
When filing a late return, be aware of the penalties, which include late fees and interest on unpaid taxes.
If your income does not need required filing under Section 139(1), no penalty will be applied, even if you file your return after the assessment year has ended.
Keep all required paperwork ready in case the tax authority requests them.
Check that all information supplied is correct and that you are filing for the correct assessment year.
Be cautious with loss details and while claiming credit for TDS, TCS, and advance tax paid.
Use the co-browsing feature to get real-time help submitting ITR. It enables a tax department official to monitor and interact with your tax filing page, providing personalized assistance and prompt resolution of questions.
Alternatively, seek professional advice to ensure accuracy. If you discover an error after submitting your belated ITR, you can revise it online until the December 31 deadline.
