The government has extended the deadline for late filing of income tax returns (ITR) from December 31 to January 15. Now, ITR can be filed with late fees until January 15, 2025.
If a taxpayer has already filed their ITR but later discovers that it contains errors, they can also now file a revised return until January 15.
The deadline to file an ITR without late fees for the financial year 2023-24 was July 31.
Late fees of up to Rs 5,000 will have to be paid
If you have not yet filed ITR 2023-24, you can file it with a late fee until January 15. If the total income is less than Rs 5 lakh, then you will have to pay a late fee of Rs 1000. If the total income is more than Rs 5 lakh, then a late fee of Rs 5000 will have to be paid.
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 RTI to avoid the hassle of notices.