New Delhi: People who are yet to file their Income Tax Returns for the financial year 2023-24 (Assessment Year 2024-25), can file a Belated ITR by paying a late penalty of Rs 5,000. Taxpayers should take note that the belated returns can be filed till December 31, 2024.
A belated return calls for a penalty under Section 234F of the Income Tax Act. The tax department imposed a fine of Rs 5,000 if belated ITR is filed on or before December 31 of the assessment year. The fine increases to Rs 10,000 if it is filed after December 31 but before the end of the assessment year (March 31). Taxpayers having a total income up to Rs 5 lakh, are required to pay a penalty of Rs 1,000.
“If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of assessment, whichever is earlier,” a Central Board of Direct Taxes (CBDT) circular stated.
The Income Tax department does not allow switching tax regimes when an individual is filing a belated return. However, taxpayers who file their return on or before July 31 are allowed to change their tax regimes.
According to the I-T rules, taxpayers can revise their return can at any time 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Individuals can only revise their ITRS which are filed under Section 139(1) or belated return filed under section 139(4). A return of income filed pursuant to notice under section 142(1) of Act cannot be revised under Section 139(5).
Taxpayers who missed the July 31st ITR filing deadline can still file a belated return until December 31st, 2024, incurring a Rs 5,000 penalty (Rs 1,000 for income up to Rs 5 lakh). Filing after December 31, increases the penalty to Rs 10,000. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
