Filing of Income tax returns (ITR) is mandatory in India and is done annually based on the income earned and taxed by an individual. Nevertheless, for some reason or another, or due to pure negligence, some taxpayers fail to meet the stipulated deadlines. In case you have failed to file the ITR before the due date there’s nothing to worry about. However, it is possible to file a Rectangular Tax return after the season is over and for this reason, you can file a belated ITR return where you meet the requirements of the law concerning tax compliance while at the same time avoiding penalties.
What is a Belated ITR Return?
The Income Tax Department overlooks the deadline for submitting the ITR return, but if it arrives within the threshold of Section 139(4) of the Income Tax Act, it becomes regarded as a late ITR return. Late returns benefit from immediate filing, yet doing so still enables you to respect tax laws and dodge bigger legal issues or penalties.
Main Aspects Related To Belated ITR Return
- Eligibility: Any taxpayer who could not file his or her ITR before the original due date can file a return which is referred to as a belated return.
- Filing Timeline: This means that filing of belated ITR returns can be done at any time before the end of the relevant assessment year that is before December 31st of the next financial year. Although, after 31st December we can file the Updated return upto 31st March.
- Penalty and Fees: Since the act of filing a return is done much later than the prescribed time late filing fees and also interest on the amount of tax that is payable is charged.
- Loss Carry Forward Restrictions: Majority of the expenditure cannot be carried forward to the subsequent years in case of the failure to file their ITR on time except under the head “Income from House Property” only.
Steps to File a Belated ITR for AY 2024-25
It is just as simple to file an ITR return after the deadline as it is to file one on time. The steps are as follows.
Step 1: Open the Income Tax Portal and login.
To file taxes online, go to www.incometax.gov.in and enter your PAN or Aadhaar number along with a password to log in.
Step 2: Select the Year of Assessment
AY 2024–25 is the right assessment year; please make sure you choose it when completing your late ITR.
Step 3: Choose the Correct ITR Form
Select the appropriate ITR form according to your income category:
ITR-1 -: For those with salaries
ITR-2 -: For those with Salaries & Capital Gains
ITR-3 -: For Individual/HUF having Income from Business or Profession
ITR-4 -: For taxpayers who choose to use the presumed-tax program
Step 4: Complete the Information
Give all the information that is needed, including your income, deductions, and tax payments. To prevent mistakes, make sure the data is correct.
Step 5: Choose the option for “Belated Return.”
Select the “Filed under Section 139(4)” option when filling out the return, as this permits a late filing.
Step 6: Calculate Taxes and Pay Dues
Calculate the total amount of taxes you owe and use a debit card or net banking to make the payment.
Step 7: Send in and confirm
Once all information has been completed, submit the ITR and have it verified by the CPC office using Aadhaar OTP, EVC, or by providing the signed ITR-V.
The Due Date for Filing ITR for AY 2024-25
The Income Tax Department has announced a filing deadline for ITRs of July 31, 2024, for individuals while the date for businesses needing audits is October 31, 2024, for the AY 2024-25. If you missed this deadline, you can still file your belated/updated ITR return before the last date of the belated/updated return, which is March 31, 2025.
Late Filing Fee Details as per Section 234F
A belated ITR filing leads to a penalty under Section 234F of the Income Tax Act. The late filing fee depends on when you submit your belated return:
- If you submit your ITR between July 31 and December 31, 2024, you will face a penalty of ₹5,000.
- If you submit your ITR between January 1, 2025, and March 31, 2025, you will face a penalty of ₹10,000..
- If your income stays below ₹5 lakh, however, the maximum penalty does not exceed ₹1,000.
- No late filing fees are applicable if the total income does not exceed Rs. 2.5 Lakhs.
- Such charges are important to know because late filing also brings about extra interest charges on any unsettled tax obligations. Avoiding delays becomes essential as it makes it important to work with experts like Apkireturn. for easy and timely tax filing.
Pros Of Filing ITR on Time
Filing your ITR after the deadline is an alternative, but it is without doubt advantageous to submit it beforehand. Here’s why timely filing should always be your priority:
- Avoid Late Filing Fees -: Remembering to file on time will help you avoid paying the penalties resulting from a late ITR return.
- Interest on Tax Dues -: Should you file your return after the due date, the interest on your remaining tax payments will keep growing, increasing your financial load.
- Carry Forward Losses -: If you file your returns promptly, you have the opportunity to carry forward losses from various income heads, especially capital gains, for future tax corrections. Those filing late may only avail themselves of losses associated with ‘Income from House Property.’
- Faster Refunds -: Maintaining your deadlines for filing guarantees a more prompt resolution for any tax refunds you deserve.
- Better Loan Approval Chances -: The approval of loans and credits by financial institutions generally requires information received from ITRs. Submitting your tax returns correctly, and on time, raises your chances of acquiring loans free from complications.
What Makes Apkireturn the Best Option for Late ITR Filing?
Tax filing may be complicated, and it can become even more stressful when deadlines are missed. For this reason, to manage your tax affairs effectively, you need a reliable partner like Apkireturn. Why should you put your faith in us?
- Professional Advice -: Our staff of tax consultants makes sure that your late ITR file is correct and conforms with all applicable laws.
- Timely Service -: We make sure your returns are filed before the late ITR deadline, even if you’re submitting after the deadline, sparing you from further fines.
- Easy procedure -: The whole procedure is made simple and stress-free by our specialists, who take care of everything from calculating your tax obligations to filing and confirming the ITR.
- Several People Trust Us -: Apkireturn, which has a growing clientele, is renowned for providing top-notch services on time, and DPIIT has acknowledged its expertise.
Give us a call at +91 766 515 6000 if you need assistance, and let us handle your tax preparation!
Some Of The Guidelines That You Need To Bear In Mind When Filing A Belated ITR Return
- No Extension Beyond March 31st -: You can not file a return after March 31st of the assessment year. But if this window is closed, then you are declared a defaulter and more legalities follow.
- Check for Refunds -: If you are receiving a refund, make sure that you provide the correct bank information and file the delayed return While doing your tax filing. This might be due to filing some papers at the IRS late or the papers may take a long time to work through the system, which leads to a delay of the refund
- Rectify Errors in the Current Year -: Since you cannot do an alteration of a late return, ensure that you keep on checking your entries before submission.
Final Thoughts
For AY 2024–2025, you can still file a belated ITR return, which will guarantee that you comply with the law, evade heavy fines, and get any reimbursements you qualify for. To get the full benefits, it is preferable to file on time.
Recall that the late ITR deadline for the 2024–2025 academic year is March 31, 2025. Don’t wait any longer, and get in touch with ApkiReturn for assistance if necessary to ensure a simple and stress-free tax filing process.