What if I miss the ITR filing due date?

Income Tax
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The deadline for filing your Income Tax Return (ITR) for AY 2024-25 was 31st July 2024, and over 7.28 crore people managed to file their taxes on time.

But if you are among the ones who couldn’t file their return before the due date, don’t worry, you can still file a Belated Return u/s 139(4).

What is a Belated Return?

As the name suggests, people who fail to file their original ITR before the 31st July deadline are supposed to file a belated return.

Till when can you file a belated return?

A belated return can be filed anytime, on or before 31st December of the relevant assessment year (AY). So for this AY, the deadline to file a belated ITR is 31st December 2024. This is also your last chance to claim a refund in case you’ve paid excess taxes during the FY.

Now here are a few things you should know if you’re filing a belated return.

  1. Interest u/s 234A: If you have any tax dues to be paid, simple interest at 1% per month will be charged. The interest calculation starts from the day after the due date until the day you pay the dues and file your return.

    For example, if the due date is 31st July 2024 and ITR is filed on 15th October 2024, 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.

  1. You cannot carry forward your losses.

    If you have incurred capital or business losses, you are allowed to 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 to future years.

  2. You cannot switch regimes.

    Filing a belated return means you will not be able to switch to the old regime and will have to opt for the new regime (default) compulsorily.

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

Got more questions? Ask here!

2 Likes
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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!