New Delhi3 hours ago
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Now you can file ITR by paying late fees.
If you have not yet filed Income Tax Return (ITR) for the financial year 2023-24, then you can file it with late fees by 15 January 2025. That means you have only 3 days left for this. After this you will not be able to file the return, due to which you may have to face other legal problems including fine and notice.
If you file belated income tax return for income less than Rs 5 lakh, you will have to pay a late fee of Rs 1,000. At the same time, a late fee of Rs 5,000 will have to be paid on income of Rs 5 lakh or more. The last date to file ITR without any late fee for the financial year 2023-24 was July 31.
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 January 15?
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.
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