Missed The ITR Deadline? Check Penalties And How To File Belated Return After July 31

New Delhi: ITR Deadline Missed? As we all know, the July 31 deadline for filing the Income Tax Return (ITR) for the financial year 2023-2024  has passed, and there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. 

Notably, the more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024.  

No Late ITR Penalty For Missing July 31 Deadline

The taxpayers who haven't filed the ITR may face certain penalties or consequences for filing late. However, it's crucial to complete the process as soon as possible to minimize any further issues. So, taxpayers can file the belated return if they miss the deadline date. 

What is a Belated Return?

A belated return under Section 139(4) of the Income Tax (I-T) Act is a return filed after the deadline has passed. Taxpayers who missed the July 31 deadline can still file a belated return.

Individuals are permitted to file a belated return by December 31 of the relevant assessment year.

Here are the Penalties Or Drawbacks of Missing ITR Deadline Date

- If you file your income tax return after July 31, you will have to pay a penalty of Rs 5,000. If your income is below Rs 5 lakh, the penalty is Rs 1,000.

- If you owe taxes, you must pay a penalty of 1 per cent per month from August 1 until you pay the tax, as per section 234A of the Income Tax Act.

- If you file your income tax return after July 31, you lose the right to claim exemptions under the old tax regime.

- If you miss the deadline to file your income tax return, you cannot carry forward capital losses to future years.

Here's How You Can File Belated ITR After July 31? 

Step 1: Open the official website at www.incometaxindiaefiling.gov.in.

Step 2: Log in using your credentials. If you are a new user, register using your PAN details.

Step 3: Select the appropriate ITR form based on your income source and category.

Step 4: Fill in all relevant details, calculate the tax payable, and include any applicable interest and penalty charges.

Step 5: Use the e-payment facility to pay the late fee and any outstanding taxes. Ensure you specify the correct assessment year and the section under which you are making the payment.

Step 6: After completing the form, submit it online. Verify your return using Aadhaar OTP, net banking, or by sending a physical copy to CPC Bengaluru.