The last date for filing Income Tax Return (ITR) is 31st July. But, many people miss filing the return within the deadline due to some compulsions. For the convenience of such people, the Income Tax Department has allowed late filing of returns.
But, there is a penalty and interest on filing the return late. This is called belated return. Let us try to know about this in detail.
Who can file belated return?
Taxpayers whose accounts are not required to be audited can file their FY24 income tax returns by December 31, 2024. There is a provision of penalty on belated return under section 234F of the Income Tax Act . There is a penalty of Rs 5000 for filing the return by December 31 of the assessment year. There is a penalty of Rs 10,000 for filing the return after December 31 but before the end of the assessment year (before March 31). For those whose total income is up to Rs 5 lakh, there is a penalty of Rs 1,000 for filing a belated return.
No loss carry-forward facility
On filing a belated return, interest is charged on the tax liability of the taxpayer under section 234A. One disadvantage of filing a belated return is that it does not provide the facility of loss carry-forward. The facility of loss carry-forward is available only on ‘income from house property’. Even if there is any mistake in the belated return, a revised return will have to be filed by 31 December.
What is the filing process?
The process of filing a belated return is similar to filing a normal return. It can be filed from the e-filing portal of the Income Tax Department. For this, taxpayers will have to log in with their ID and password. Then the correct income tax return form will have to be selected. Then all the information including income will have to be entered. Then after submitting the form online, the verification process will have to be completed. It has to be kept in mind that belated return can be filed only for FY24.
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