₹5,000 late fee: Your last chance to file belated income tax returns before December 31

Taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) have until December 31 to file a belated return. Filing now comes with a late fee of ₹5,000, as per Section 234F of the Income Tax Act.

A belated return, defined under Section 139(4), applies to any income return not filed within the original deadline under Section 139(1). Those earning less than ₹5 lakh annually will face a reduced late fee of ₹1,000.

What happens if you miss December 31 deadline?

Failing to file the ITR by December 31 will increase the penalty to ₹10,000 for individuals with annual income exceeding ₹5 lakh. Additionally, missing the deadline may result in further legal and financial repercussions, including restricted ability to carry forward certain losses.

Steps to file your belated ITR

• Visit the Income Tax e-Filing Portal: Login using your PAN as the user ID.
• Choose the ITR Form: Select the appropriate form based on your income sources.
• Select the Assessment Year: Choose AY 2024-25 for FY 2023-24.
• Enter Details: Fill in your income, deductions, and tax liability.
• Pay Outstanding Dues: Include any late fees, interest, or penalties.
• Submit and Verify: Verify the return via Aadhaar OTP, net banking, or physical submission.

What is the late fee breakdown breakdown?

According to the Income Tax department:

• Late filing fees are ₹5,000 if the return is filed after July 31.
• For individuals with an annual income below ₹5 lakh, the late fee is capped at ₹1,000.
• Filing your ITR before the December 31 deadline is critical to avoid additional penalties and ensure compliance. Act now to avoid escalating fees and complications.