The deadline for filing your Income Tax Return (ITR) for the financial year 2024-25 is approaching fast. Taxpayers who have missed the regular filing date still have a chance to submit their returns with a late fee until december 31, 2025. Filing on time is crucial to avoid penalties, interest, and complications in future financial transactions.
Late Fee Details:
The Income Tax Department has specified the late fee based on your annual income:
Income below ₹5 lakh: ₹1,000 late fee
Income ₹5 lakh or more: Up to ₹5,000 late fee
This late fee is applicable under Section 234F of the Income Tax Act and is charged in addition to any tax payable on your income.
How to File Your Belated ITR:
Visit the Income Tax e-Filing Portal: Go to https://www.incometax.gov.in.
Log in to Your Account: Use your PAN and password to access your account.
Select ‘File Belated Return’: Navigate to the ITR filing section and choose the option for belated return.
Fill in Your Income Details: Enter your annual income, deductions, and other necessary details.
Pay the Late Fee and Taxes: Calculate the late fee and any tax due. Payment can be made online through net banking, UPI, or debit/credit cards.
Submit Your Return: review all details carefully and submit your ITR. You will receive an Acknowledgment (ITR-V) after successful submission.
Benefits of Filing Your ITR Even Late:
Avoid Legal Penalties: Filing a belated return is better than not filing at all, as failure to file can attract higher penalties and legal consequences.
Carry Forward Losses: Filing allows you to carry forward losses like business losses or capital losses to future years.
Loan and Visa Applications: A filed ITR is often required for loan approvals, credit cards, and visa applications.
Tax Refunds: If excess tax was deducted at source (TDS), filing your ITR ensures you receive your refund.
Important Notes:
The last date to file with a late fee is december 31, 2025.
Belated returns can only be filed for the previous financial year.
Filing after december 31 is not allowed, and missing this extended deadline may result in penalties and loss of benefits.
Conclusion:
Even if you missed the regular ITR deadline, you still have time to file your return with a late fee until december 31, 2025. Filing your ITR ensures compliance with tax laws, allows you to claim refunds, and avoids future complications. Don’t wait—log in to the Income Tax portal today and complete your belated return to stay on the safe side.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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