Missed July 31 ITR filing deadline? Pay penalty and file belated tax return for FY24

The deadline to file belated Income Tax Returns (ITR) for the financial year 2023-24 is almost here. The deadline for filing belated tax returns for the fiscal year 2023-24 is December 31, 2024, while the original deadline to file tax returns was July 31, 2024.

What is a belated ITR filing?

A belated return is an ITR return filed between the tax filing deadline of July 31 and December 31 of the assessment year.

Do you have to pay a penalty for filing belated tax returns?

Even though you can file tax returns after the July 31 deadline, as belated returns, you still have to pay a penalty of ₹5,000 for late filing. The penalty is lower for those who earn less than ₹5 lakh per annum at ₹1,000.

“Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish a return for any previous year, at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, a belated return attracts late filing fees under section 234F," as per the Income Tax Department regulations.

What if you miss the belated tax filing deadline?

As per Section 234F of the Income Tax Act, taxpayers must pay penalties and face other consequences if they miss the December 31 deadline for filing belated tax returns.

• Penalty for filing tax returns after December 31 but before March 31 of the assessment year is ₹10,000.
• For those below an income of ₹5 lakh per year, the penalty is ₹1,000.
• Interests will also be applicable on outstanding tax under Section 234A.
• Filing a late return can impact taxpayers’ ability to carry forward certain losses like business or capital losses.

If one misses the December 31 deadline, a request must be submitted to the Income Tax Department if it was missed for ‘genuine reasons’. If the IT department considers the request and condones the delay, the taxpayer can file the return after paying ₹10,000 penalty and an interest of 1% would be charged until the return is filed successfully. Failure to file tax returns can invite prosecution under section 276 CC of the Income Tax Act.

Other deadlines in December

The month of December is filled with financial alerts. While the RBI MPC outcome was released on December 6 and the deadline for filing GSTR-7 returns is today, December 10, many other deadlines are approaching.

• The deadline for updating Aadhaar documents for free through the myAadhaar portal online is December 14.

• The deadline for paying the advance tax instalment is December 15 (75% of advance tax, or pay as you earn tax, must be paid by December 15).

• The deadline for filing belated tax returns for the financial year 2023-24 is December 31, 2024.