Missing the deadline for filing your Income Tax Return (ITR), which is July 31, 2024, for individuals not subject to income tax audit, can have several consequences beyond just a penalty. Here’s what you need to know about the new deadlines and potential repercussions of missing the original due date.
New Dates for Filing a Belated ITR
If you miss the 31st July deadline, you can still file a belated income tax return by paying a penalty. The deadline to file a belated return for the financial year 2023-24 (Assessment Year 2024-25) is December 31, 2024.
Penalties and Consequences of Filing a Belated ITR
Interest Under Sections 234A, 234B, and 234C:
Interest at 1% per month or part of the month is charged on the outstanding tax amount from the due date (July 31) till the date of filing the ITR. This means that delaying your ITR filing will result in higher interest costs.
Late Filing Fees Under Section 234F:
- Rs 5,000 if your total income is above Rs 5 lakh.
- Rs 1,000 if your total income is below Rs 5 lakh.
Loss of Interest on Refunds:
If you file a belated ITR, you may lose out on the interest on your tax refund. Interest on refunds is generally calculated from the later of the due date or the actual date of filing the return. Filing late reduces the period for which interest is calculated, resulting in a lower interest amount.
You cannot choose Old Regime
Old regime is not available if you are filing ITR after 31st July
Who Can File a Belated ITR Without Paying a Penalty?
Certain taxpayers are exempt from paying penalties for filing a belated ITR:
- Taxpayers whose ITR filing deadline is October 31, 2024.
- Taxpayers with income below the basic exemption limit.
- Taxpayers who are not required to file an ITR by law but choose to file voluntarily.
Note: If you are required to file an ITR under Section 139 and fail to do so by the deadline, you must pay the late filing fee as per Section 234F.
Specific Scenarios for Mandatory ITR Filing
Even if your income is below the exemption limit, certain conditions require you to file an ITR:
- Cumulative savings bank deposits exceed Rs 50 lakh in a year.
- Annual sales turnover exceeds Rs 60 lakh.
- Professional income exceeds Rs 10 lakh in a financial year.
- Electricity bill payments exceed Rs 1 lakh during a financial year.
- TCS/TDS exceeds Rs 25,000 (Rs 50,000 for senior citizens).
- Ownership or beneficiary of assets in a foreign country.
- Spending Rs 2 lakh or more on foreign travel.
- Authorized signatory for an account managed outside India.
You can contact team of Tax Experts to file Your ITR at 9150010300 or visit www.legalsahayak.com
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