What if I miss the ITR filing due date?

Income Tax
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Did you miss the ITR filing deadline? Don’t worry, the door isn’t closed yet – you can still file a Belated Return u/s 139(4).

What is a Belated Return?

As the name suggests, a belated return is a return that is filed upon the passing of the deadline. If you fail to file an original return by 31st July of the relevant AY, you can file a belated return.

What is the due date?

You can file a belated return anytime on or before 31st December of the relevant assessment year (AY). For example, the deadline to file a belated return for AY 2023-24 is on or before 31st December 2023. This is also your last chance to claim a refund of the excess taxes paid during the FY.

But wait! Remember that filing a belated return comes with consequences.

1. What are the consequences of filing a belated return?

Interest u/s 234A: Simple interest at 1% of the tax liability per month will be charged if you file a belated return. The interest calculation starts from the day after the due date until the actual date of filing.

For example, if the due date is 31st July 2023 and ITR is filed on 15th October 2023 then interest u/s 234A is levied for 3 months i.e., August, September and October.

2. Late filing fees u/s 234F: If you file a belated return, you will have to pay a late filing fee, which can go up to ₹5,000.

  • If the total income is less than ₹2,50,000, no penalty is levied.
  • If the total income is less than ₹5 lakh, the penalty is ₹1,000.
  • If the total taxable income is greater than ₹5 lakh, the penalty is ₹5,000.

3. You cannot carry forward your losses.

If you have incurred capital losses or losses in your business, you can set off your losses against the current year’s income while filing a belated return. However, you will not be able to carry forward these losses except for house property loss.

4. You cannot switch regimes.

While filing a belated return, switching between the old and new tax regime won’t be possible.

Read more about belated return here: Sec 139(4): Belated Return under Income Tax - Learn by Quicko

Got more questions? Ask here!

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My mom is a super-senior citizen and a pensioner. Her total income for FY 2022-23 was a tad below 5 lakh which is not taxable for her age. However in AY 2023-24, I missed to file her IT Return which I used to do for the last few years.
Can anyone please suggest me what to do now in this situation? However there is nothing noted in compliance portal or anywhere else.
Thanks and regards.

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Hey @Sudip,

The basic exemption limit for super senior citizens is ₹5L. As your mother’s income was below this limit, it’s not necessary to file an ITR. However, if you want, you can file an updated return, i.e. ITR-U.

Hope it helps!