Beware of December 31, 2024. If you are a taxpayer and have missed the deadline of filing Income Tax Returns (ITR) before the original deadline of July 31, this is the very last chance to do so. While you could have filed ITR without any penalty before July 31, you have to now pay a penalty for filing ‘Belated ITR’ which will depend on the level of your income, the ceiling being Rs 5,000.
Section 139(4) of the Income Tax Act 1961 defines a belated ITR. A very significant point to remember about the December 31 deadline is this – various categories of taxpayers are subjected to different last dates for filing the original ITR. But December 31 is the last date for all categories of taxpayers. Let’s have a look as to how one can file a belated ITR.
How to file Belated ITR online
ONE: The process begins by accessing your own account on the Income Tax website.
TWO: The next step consists of clicking on ‘e-File’ and ‘Income Tax Returns’. Next one has to select ‘File Income Tax Return’.
THREE: The relevant AY (assessment year) has to be selected for which the belated return is to be filed.
FOUR: Now one has to choose the pertinent Income Tax Return (ITR) form, which, in turn, depends on the sources of the filer’s income.
FIVE: It has to be checked and ensured that all the data mentioned in the ‘Personal Information’ section are accurate.
SIX: One has to click Section 139(4), which is pertinent for Belated ITR by scrolling down to the filing section.
SEVEN: Now one has to fill in details of income under the pertinent heads.
What you must not forget
A very important point to remember is that once the deadline of December 31, 2024 expires, one cannot file the ITR for FY24. You might also receive a notice from the Income Tax Department for this act of omission, which can rob you of your peace of mind and a good night’s sleep.
The last date to file ITR for FY24 is the last date of this year – December 31, which is the very last chance to file tax returns for those who have missed the original deadline of July 31. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
