New Delhia few moments ago
- copy link
If you have not yet filed the Income Tax Return (ITR) for the financial year 2024-25, then you can file it with late fees by 31 December 2025. That means you have less than 1 month left for this. After this you will not be able to file the return, due to which you may have to face other legal problems including fine and notice.
If you file belated income tax return for income less than Rs 5 lakh, you will have to pay a late fee of Rs 1,000. At the same time, a late fee of Rs 5,000 will have to be paid on income of Rs 5 lakh or more. The last date to file ITR without any late fee for the financial year 2024-25 was September 16.
What is a belated tax return? If you file your Income Tax Return (ITR) after the normal due date (i.e. 31st July or 31st August, as applicable), it is called a belated return. In simple language, if ITR is not filed on time, if it is filed later then it is called belated return.
If you file ITR after December 31, your refund will not be claimed, no matter how much refund is made, it will go to the government.
Learn the process of filing returns in 4 steps from Chartered Accountant (CA) Anand Jain…
1. Keep all the documents ready
- Form 16 for salary, TDS information. Form 26AS and Annual Information Statement (AIS) for how much tax has been deposited and how much is remaining.
- Apart from bank statement, interest certificate, investment proof like LIC, PPF, NSC. Home loan details. Rent receipt, capital gains information.
2. Choose the right ITR form
- ITR-1 : If the income is from salary, a house and interest. Income is less than ₹50 lakh.
- ITR-2: If the income is from salary and pension. Own more than one house or have capital gains.
- ITR-3: If the income is from business or profession.
- ITR-4: Filing returns under the presumptive taxation scheme.
3. Online ITR Filing
- Income Tax Website (incometax.gov) Login to.
- Enter your PAN and password on the e-filing portal.
- Fill the information by choosing the correct form according to the income.
- Calculate Tax. If you have to pay extra tax then make online payment.
4. ITR Verification
- It is necessary to do e-verification within 30 days after filing the return.
- For verification – options like Aadhaar OTP, Net Banking, Demat Account.
Avoid giving wrong information in returns Many taxpayers save tax by giving wrong information about deductions like LIC, Mediclaim, House Loan Interest and Donation. But today the Income Tax Department analyzes return data through AI. Giving wrong information may result in notice. In such a situation, while filing returns Do take advice from a Chartered Accountant (CA) or a tax expert.
Source link
[ad_3]
