ITR filing deadline: Last day to file late income tax? Check penalties, steps to file return after due date

ITR filing deadline: The final deadline for submitting belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 is January 15, 2025. The Central Board of Direct Taxes (CBDT) has extended the original deadline of December 31, 2024, by 15 days in order to give taxpayers more time to comply. 

Individuals who have already filed an ITR on or before the deadline may file a revised ITR if necessary. A taxpayer can file a revised ITR only when an original ITR has been filed on or before the deadline i.e. July 31, 2024, for FY 2023-24.

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According to Section 139(5) of the Income Tax Act, 1961, taxpayers have the option to amend their returns multiple times before the assessment is finalized or up to three months before the end of the assessment year. It is important to note that revisions are not permitted to result in higher refunds, lower tax liabilities, or additional losses being declared. 

A belated ITR is filed when an individual has not submitted any ITR by the deadline and wishes to file one after the original deadline has passed. The original deadline for individuals to file an ITR was July 31, 2024. A belated ITR is filed when a taxpayer has missed filing any ITR on or before the deadline.  For individuals filing a belated tax return, the standard deduction for FY 2023-24 is Rs 50,000 with deductions limited to NPS contributions under the new tax regime. 

Penalties on belated ITR

If you miss the initial deadline for filing your Income Tax Return (ITR) which is July 31, 2024, you can still submit a belated return. However, please be aware that there are penalties involved:

For income up to Rs 5 lakh: A late fee of Rs 1,000.
For income above Rs 5 lakh: A late fee of Rs 5,000.

Apart from the late fee, you may also be liable to pay interest under Section 234A if there is any outstanding tax liability. This interest is calculated at 1% per month or part of the month from the original due date (July 31, 2024) until the date of filing.

If you miss the January 15 deadline

Failure to meet the January 15 deadline for filing your ITR will result in the inability to file or amend your return for AY 2024-25.

Additional penalties: Non-compliance may result in receiving notifications from the Income Tax Department and facing additional penalties for default.

Legal Notices: The Tax Department gathers income statements from multiple sources. Failure to submit an Income Tax Return (ITR) may result in the reporting of undisclosed income.

Carry Forward Losses: Filing before the initial deadline (July 31) enables you to carry forward a loss to offset future tax obligations. Filing late will result in the loss of this advantageous benefit.

Points to note

Utilise the Income Tax Department's e-filing portal for a swift submission process.
Verify details such as income, deductions, and tax payments to prevent any inaccuracies.
Ensure any outstanding tax liabilities, including interest and penalties, are settled before filing.