You can now file an ITR by paying late fees.
If you have not yet filed your Income Tax Return (ITR) for the financial year 2023-24, you can file it with late fee before January 15, 2025. This means you only have 3 days left to that. After that, you will no longer be able to file the return, possibly forcing you to face other legal issues, including a fine and notice.
If you file a late tax return for income below Rs 5 lakh, you will have to pay late fee of Rs 1,000. At the same time, late fee of Rs 5,000 will have to be paid on income of Rs 5 lakh or more. The deadline to file an ITR without late fees for the financial year 2023-24 was July 31.
How to file your income tax return?
First of all, go to the official website of the income tax department. Log in using your PAN card number. Select ITR form based on your income – AY2024-25 for FY24. Late filing fee of ₹5,000 will be applicable. Submit and verify using Aadhaar OTP if you wish. You can also choose the verification option by visiting the income tax office and submitting the form.
What are the disadvantages of not filing a return before January 15?
You can avoid the notice by filing a late ITR, but there are many disadvantages of not filing the return before the due date i.e. July 31. According to income tax rules, if you file your ITR before the due date, you can carry your loss forward to subsequent years. This means you can reduce the tax you pay on your income in future financial years. But now you will not be able to benefit from it after filing the RTI.
Apart from this, information about your income comes to the Income Tax Department from many sources. If the ITR is not filed, the Income Tax Department may send you a notice based on this information. It is beneficial to file an ITR to avoid the hassle of notification.
Employees must present tax proof of investment before January 15: failing which, money may be withheld from their salary. Find out what the rules are here.
If you are an employee and have invested in a tax saving scheme to save tax. Or if you took out a loan for a house, submit proof to your office’s finance department as soon as possible.
In fact, most companies nationwide have given their employees until January 15 to submit proof of tax-saving investments. ….