ITR Filing FY 2023-24: What happens if I file income tax return after deadline? Check penalties, consequences for late filing – Times of India

Income Tax Return Filing FY 2023-24: For individual taxpayers whose accounts do not need auditing, the last date to file income tax returns (ITRs) for FY 2023–24 (AY 2024–25) is July 31, 2024. Missing this deadline means filing a belated ITR, which comes with penalties and interest.

What is the penalty for belated ITR filing?

Under Section 234F of the Income Tax Act, 1961, filing a belated ITR incurs a penalty of up to Rs 5,000.For small taxpayers with a taxable income not exceeding Rs 5 lakh, the penalty is restricted to Rs 1,000, according to an ET report. The important thing to note is that this penalty applies even if the belated ITR shows zero tax payable. Additionally, penal interest on the pending tax payable must be paid when filing a belated ITR.

Who is required to pay the penalty?

Certain taxpayers are required to pay penalties if they miss the ITR filing deadline and they fulfil the following conditions:

Also Read | ITR refund status for FY 2023-24: How to check income tax refund status online – here’s a step-by-step guide for incometax.gov.in & NSDL websites
Exceptions to Penalties
Individuals might need to submit an income tax return to receive a refund. However, if their taxable income is below the basic exemption limit, they will not face penalties for filing after the due date, according to income tax laws. This means the gross taxable income is considered before any eligible deductions are accounted for.
How is a belated ITR filed?
The process for filing a belated ITR is the same as filing on time, with the key difference being the selection of Section 139(4) instead of 139(1) on the ITR form.