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6 min read
Updated on Jan 28, 2024
A belated return is the ITR filed after you pass the initial deadline for the income tax return filing date. So, a belated return can be filed if a taxpayer misses the original deadline for return filing, which is 31 July of an assessment year. You can file the belated return within 31 December of a relevant assessment year.
In this post, let us look at the various features and aspects related to belated returns in detail.
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A belated return is the ITR or income tax return that is filed between the first and the extended deadline of 31 July and 31 December of a financial year. There may be certain consequences for filing a delayed ITR. But, despite being late, it is important to file an ITR if you don’t want to face penalties.
For the financial year 2024-25, the payable date for filing ITR will end on 31 July 2024. However, if you miss the last date for the income tax return filing, you can file it later as a Belated Return.
If a taxpayer couldn’t file an ITR for the previous year or years, they can use the belated return option to file the ITR late. 31 December of an assessment year is the last date to file an ITR late or to file a belated IT return. For FY 2024-25 (AY 2025-26), the last date for filing a belated return is 31 December 2024.
Further, people who may miss the last date of the belated return filing can file ITR-U in some particular cases.
Filing late returns can have its disadvantages, as mentioned below:
Interest might be imposed – Under Sections 234A, 234B, and 234C, a late fee may be imposed on the taxpayer for filing a belated ITR. Even Section 234F imposes a late fee of INR 5,000 on the taxpayer. If the taxpayer earns a total income below INR 5 lakh, INR 1000 Is charged as the fee for late filing of ITR. Thus;
Loss Adjust – If a taxpayer incurs losses in business and investments, they cannot carry the loss forward to the subsequent years if they do not file the return before the ITR filing last date.
Exemptions not Available – A delayed filing of ITR also disallows the taxpayer to avail of any deductions under various income tax sections like 80-IA, 80-IB, 80-IC, 80-ID, 80-IE, 10A, and 10B. A taxpayer can avail of these tax-saving sections only if the individual files the ITR before the deadline.
Here are some guidelines on filing belated returns under section 139(4). Follow the stepwise guide as mentioned below to file a return after the due date via offline mode:
If taxpayers miss the original deadline for filing an income tax return, which is 31 July 2023, the individual still has the option to file a belated return before 31 December 2024. However, if this ITR deadline is missed too due to any specific reason, you can file a delayed request of condonation to seek condone from the concerned authorities of the income tax department for the delay in filing returns. Here is the process to follow:
You may start by requesting the concerned authority to allow you to file the return by stating the reasons for the missed deadline. Depending on the below criteria, the request can be accepted by the concerned officer:
If a taxpayer misses ITR filing before the last date, the individual can file an IT return by 31 July of the particular financial year. Hence, if you miss filing the ITR on 31 December 2023, you should file it by 31 July 2024 for the FY 2023-24.
If taxpayers fail to file a return for more than 2 FYs, they may receive a notice from the IT Department. You may visit the official income tax portal to file the return, print it, and submit the printout to the concerned IT official.
You may note that:
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Yes, a taxpayer can file an ITR after the due date as a belated return. In this case, the taxpayer will be levied with a late filing fee along with interest.
Section 139(4) is the income tax section that is associated with filing a belated return.
Yes, a taxpayer can revise a belated return. 31 December of a particular assessment year is the income tax return filing, the last date to file a revised return.
Yes, it is compulsory to e-verify the -belated income tax return filed u/s 139(4) to complete the return filing process.
Yes, a belated return u/s 139(4) can be used to claim a tax refund. Since the refund is credited directly to your bank account, it is important to pre-validate your bank account to receive the refund.
No, a taxpayer has to pay the interest and late fees of up to INR 5,000 if the individual is filing for a belated return or an income tax return after the due date, which is on or before 31 December.
Yes, a penalty of up to INR 5,000 is imposed for filing a late return u/s 234F. However, for taxpayers with a total income less than INR 5 lakh, an INR 1,000 late filing of the ITR fee will be imposed.
You can attempt as many times as you want till the deadline of the e-filing to re-submit your e-filed return. However, if you get an error continuously for three attempts, it is better to print and sign the form and mail it to the concerned dept. to rectify.
31 July 2024 is the last Income tax filing date for FY 2023-24.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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