New Delhi9 minutes ago
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The government has extended the last date for filing belated income tax return (ITR) from December 31 to January 15. Now people can file ITR with late fees till January 15, 2025. The last date to file ITR for the financial year 2023-24 is 31st July (without any late fee).
Income tax return with late fees If you have not yet filed ITR 2023-24, you can file it with late fees till January 15. If the total income is less than Rs 5 lakh then you will have to pay late fee of Rs 1,000. If the total income is more than Rs 5 lakh, late fee of Rs 5,000 will have to be paid.
How to file income tax return?
- First of all Income Tax Department official site Go to.
- Login using your PAN card number.
- Choose ITR form according to your income.
- Assessment Year – Select AY2024-25 for FY24.
- Fill the necessary personal details and deductions.
- Late fee of ₹ 5,000 will be applicable on filing.
- Submit and verify using Aadhaar OTP.
- If you want, you can choose the option of verification by going to the Income Tax Office and submitting the form.
What are the disadvantages of not filing returns by January 15? You can avoid the notice by filing belated ITR but there are many disadvantages of not filing the return by the due date i.e. 31st July. According to Income Tax rules, if you file ITR before the due date, you can carry forward your loss to future financial years. That means you can reduce tax liability on your earnings in the next financial years. But now you will not be able to take advantage of this after filing ITR.
Apart from this, information about your income reaches the Income Tax Department from many sources, if ITR is not filed, the Income Tax Department can send you a notice on the basis of that information. It is beneficial to file ITR to avoid notice hassles.
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