Filing a Belated Income Tax Return: Process and Penalties Overview

Missed the deadline to file your Income Tax Return (ITR)? Don’t worry, you still have the option to file a belated ITR. However, this comes with certain penalties under Section 234F of the Income Tax Act. Here’s a step-by-step guide on how to file a belated ITR and what penalties you might incur.

What is a Belated ITR?

A belated ITR is an income tax return filed after the due date, which is generally July 31st of the assessment year. You can still file your ITR after this date, but you must do so before December 31st of the same assessment year. Filing after this period might lead to additional penalties.

Penalties for Filing a Belated ITR

Filing a belated ITR attracts penalties under Section 234F of the Income Tax Act:

  • If filed on or before December 31: A penalty of ₹5,000 will be levied.
  • If filed after December 31 but before March 31 (end of the assessment year): A penalty of ₹10,000 will be charged.
  • For taxpayers with an income up to ₹5 lakh: The penalty is reduced to ₹1,000.

In addition to these penalties, if you owe taxes, you may also incur interest on the unpaid amount under Section 234A if the return is filed late.

Steps to File a Belated ITR

Filing a belated ITR is simple and can be done online through the Income Tax Department’s e-portal. Follow these steps:

  1. Visit the Official Website: Go to eportal.incometax.gov.in.
  2. Login or Register: Use your PAN or User ID to log in or register if you’re a new user.
  3. Select the Appropriate Form: Choose the correct ITR form based on your income type.
  4. Choose the Assessment Year: Select AY 2024-25 for the financial year 2023-24.
  5. Fill in the Required Details: Enter your income, claim any deductions, and calculate the tax payable.
  6. Pay Outstanding Taxes: Pay any outstanding tax, along with applicable interest and penalties.
  7. Verify and Submit: Review all the details, then submit your return. You can verify your submission via Aadhaar OTP, EVC through net banking, or by sending a signed physical copy of ITR-V to CPC, Bengaluru.

Read More: ITR 2024: Delayed Income Tax Refunds- Key Steps to Address

What If There’s a Mistake in the Belated ITR?

If you discover an error in your belated ITR, you can still rectify it by filing a revised ITR. The deadline to file a revised ITR is December 31 of the assessment year.

Filing a belated ITR ensures that you remain compliant with tax laws, even if you’ve missed the original deadline. Be mindful of the penalties and follow the correct process to avoid further complications.

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