• Notification Date: 07-12-2024
• Notification No: N/A

Missed the Income Tax Return Filing Deadline? Here’s what you need to know

This update is mainly for those who have missed the July 31, 2024 deadline to file the Income Tax Return (ITR) for the Assessment Year 2024-25. There is still time to submit the return. The last date to file the ITR is December 31, 2024, but it is important to note that a late fee of Rs 5,000 will be applicable for late submissions.

Income tax returns filed after the due date specified under Section 139(1) are considered late returns. The time limit for such filings is outlined under Section 139(4). For the Financial Year 2023-24 (Assessment Year 2024-25), the original deadline was July 31, 2024 for individuals who do not require their accounts to be scrutinized. However, since the deadline has passed, returns can still be filed by December 31, 2024 but with a late fee of Rs 5,000.

It is crucial to understand that if the return is not filed by the extended deadline of December 31, 2024, even higher penalties may apply. A fine of Rs 10,000 can be imposed for those who do not file by this date. As per Section 234F, if a return is not filed within the time allowed under Section 139(1) or a notice issued under Section 142(1), taxpayers can still file their return before the end of the applicable assessment year or before the completion of the assessment, whichever happens first. However, late filings will always attract fees, and the longer the delay, the higher the fines.

For those who have not yet filed their ITR, it is pivotal to take necessary action. Filing by December 31, 2024 will help ensure timely completion of tax obligations and avoid additional penalties. Failure to file by this date will increase the penalty to Rs 10,000, especially for individuals earning above Rs 5 lakh. This could also affect your ability to carry forward losses or claim certain deductions, so avoiding missing this final deadline is essential.

However, there is relief for individuals with a total income under Rs 5 lakh. For these taxpayers, the late fee will be reduced to Rs 1,000.