You will need to word that you could be face sure penalties or penalties for submitting late. Nevertheless, it is essential to finish the method as quickly as potential to attenuate any additional points.
What’s the deadline for submitting belated ITR?
Bear in mind, the deadline for submitting belated earnings tax returns is December 31 annually. If you have not filed your taxes for the 2023-24 monetary 12 months (evaluation 12 months 2024-25), you might have till December 31, 2024, to submit your late return.
A belated return refers back to the submission of your earnings tax return after the unique deadline (July 31) has handed. One of these return is filed beneath Part 139(4) of the Earnings Tax Act, 1961.
Additionally Learn | ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return
The best way to file belated ITR for FY 2023-24?
The method for submitting a belated ITR is just like submitting earlier than the deadline. The one distinction is that when finishing the belated ITR kind, you will need to choose part 139(4) as an alternative of 139(1), based on an ET report.
Submitting an earnings tax return after the deadline topics people to a late submitting charge beneath Part 234F of the Earnings Tax Act. The penalty for submitting a belated ITR earlier than December 31 of the evaluation 12 months is Rs 5,000. Nevertheless, if the full earnings doesn’t exceed Rs 5,00,000, the penalty is capped at Rs 1,000.
People whose taxable earnings is under Rs 5 lakh will face a penalty of Rs 1,000 for submitting a belated ITR, no matter whether or not any tax cost is required. If the full earnings falls under the fundamental exemption restrict, no late charges can be imposed for a delayed ITR. Nevertheless, a effective will nonetheless be levied if submitting an ITR is obligatory, even when the full earnings is under the exemption restrict, the report stated.
Additionally Learn | New Budget 2024 rule: Why Income Tax Department is likely to issue a huge number of tax notices this month
Along with the late submitting charge, penal curiosity can be charged on any pending tax dues whereas submitting a belated ITR. Beneath Part 234 A, B, or C, penal curiosity is levied at a fee of 1% per thirty days on the tax-due quantity. Part 234A applies to self-assessment tax dues, whereas Sections 234B and 234C apply to non-payment or shortfall prematurely tax cost, respectively.
Submitting a belated ITR comes with a number of disadvantages past the penalty for late submitting. People lose the power to hold ahead losses from capital good points, enterprise earnings, and different sources, aside from losses from home property.
