New Delhi1 day ago
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The last date to file Income Tax Return (ITR) for the financial year 2023-24 has passed on July 31. But there are many people who have not been able to fill ITR. If you have not filed it yet, you can file ITR with late fees till 31 December 2024.
Income tax return with late fees If you have not yet filed ITR 2023-24, you can file it with late fees till 31st December. If the total income is less than Rs 5 lakh then you will have to pay late fee of Rs 1,000. If the total income is more than Rs 5 lakh, late fee of Rs 5,000 will have to be paid.
How to file income tax return?
- First of all Income Tax Department official site Go to.
- Login using your PAN card number.
- Choose ITR form according to your income.
- Assessment Year – Select AY2024-25 for FY24.
- Fill the necessary personal details and deductions.
- Late fee of ₹ 5,000 will be applicable on filing.
- Submit and verify using Aadhaar OTP.
- If you want, you can choose the option of verification by going to the Income Tax Office and submitting the form.
What are the disadvantages of not filing returns by 31st December? You can avoid the notice by filing belated ITR but there are many disadvantages of not filing the return by the due date i.e. 31st July. According to Income Tax rules, if you file ITR before the due date, you can carry forward your loss to future financial years. That means you can reduce tax liability on your earnings in the next financial years. But now you will not be able to take advantage of this after filing ITR.
Apart from this, information about your income reaches the Income Tax Department from many sources, if ITR is not filed, the Income Tax Department can send you a notice on the basis of that information. It is beneficial to file ITR to avoid notice hassles.
