ITR Filing After 31st July: What to Do if You Miss the Deadline

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The deadline for filing Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25 is 31st July 2024. However, if you miss this deadline, it is essential to understand the consequences and the new dates for filing your ITR. Filing your ITR after the due date can result in penalties, interest charges, and other complications. Here’s what you need to know about filing your ITR after 31st July.

New Dates for Filing ITR

If you miss the 31st July deadline, you can still file a belated return. The due dates for filing a belated return are as follows:

Belated Return: You can file a belated return until 31st December of the Assessment Year. For AY 2024-25, the belated return can be filed until 31st December 2024.
Revised Return: If you discover any mistakes in your filed return, you can file a revised return. The deadline for filing a revised return is also 31st December 2024.

Consequences of Missing the ITR Deadline

Late Filing Fees:
- Section 234F: If you file your ITR after the due date, you will be liable to pay a late filing fee under Section 234F. The fee is as follows:
  - Rs. 1,000 if the total income does not exceed Rs. 5 lakhs.
  - Rs. 5,000 if the total income exceeds Rs. 5 lakhs.
Interest on Tax Due:
- Section 234A: Interest at 1% per month or part of a month will be charged on the amount of tax outstanding from the due date (31st July) to the actual date of filing.
- Section 234B: If you have not paid at least 90% of the tax due, interest at 1% per month will be charged on the unpaid tax amount from 1st April of the Assessment Year till the date of actual payment.
- Section 234C: If you have not paid advance tax installments as required, you will be liable to pay interest on the shortfall.
Loss of Interest on Refunds:
- If you are entitled to a refund, filing late may delay the processing of your refund. Moreover, you may lose out on the interest on the refund amount for the period of delay.
Carry Forward of Losses:
- Losses under the heads “Capital Gains” and “Profits and Gains of Business or Profession” cannot be carried forward if the return is filed after the due date. This can affect your ability to set off these losses against future income.
Delayed Processing:
- Late filing can lead to delays in the processing of your return, which in turn can delay refunds and other tax-related processes.

Steps to File a Belated Return

Gather Necessary Documents:
- Ensure you have all necessary documents such as Form 16, Form 26AS, interest certificates, investment proofs, and other relevant documents.
Calculate Tax Liability:
- Compute your total income and tax liability accurately. Consider deductions and exemptions to which you are entitled.
File the Return Online:
- Visit the official Income Tax e-filing portal.
- Log in with your credentials.
- Select the appropriate ITR form and fill in the details.
- Pay the applicable tax, including interest and late filing fees.
- Submit the return.
Verification:
- Verify your return electronically through Aadhaar OTP, EVC, or send a signed copy of ITR-V to CPC, Bengaluru.

Tips to Avoid Missing the Deadline

Set Reminders: Set reminders well in advance to avoid missing the ITR filing deadline.
Organize Documents: Keep all necessary documents organized and accessible.
Seek Professional Help: If you find the process complicated, consider seeking help from a tax professional or a chartered accountant.
You can contact team of Tax Experts to file Your ITR at 9150010300 or visit www.legalsahayak.com
File Early: Try to file your ITR well before the deadline to avoid last-minute hassles and potential technical glitches on the e-filing portal.

Filing your ITR after the deadline can have several repercussions. It is crucial to be aware of the new dates and consequences to avoid additional costs and complications. If you miss the 31st July deadline, take immediate steps to file a belated return to minimize penalties and interest charges.

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