If you have forgotten to file Income Tax Return (ITR) for the financial year 2023-24, then no need to worry. The Income Tax Department has given you the facility to file ITR till 31 December 2024 with late fees. However, the rule of paying late fees is applicable on the basis of your income.

How to file late ITR and penalty

If you have not been able to file ITR by the due date i.e. 31 July 2024, then you can now file it under 'Belated Return'. For this, you will have to pay late fees under section 234F of the Income Tax Act.

Annual income up to Rs 5 lakh: A late fee of Rs 1000 will be charged.
Annual income more than Rs 5 lakh: A late fee of Rs 5000 will have to be paid.

If you do not file ITR even by 31 December 2024, then you may have to pay a fine of up to Rs 10,000. Apart from this, other legal action can also be taken by the Income Tax Department.

What will be the effect of not filing ITR?

Income Tax Notice: You may receive a notice from the Income Tax Department for not filing your return.
Impact on Credit Score: Not filing ITR can affect your credit score, which can make it difficult to get a loan.
Future Problems: Not filing ITR can cause problems in visa processing, banking and other financial transactions.

There is still time, don't delay

You can avoid penalty by taking advantage of late ITR filing. For this, you should keep the necessary documents like PAN card, Aadhar card, bank statement, and Form 16 etc. ready.

Don’t take last minute stress

Do not postpone ITR filing till the last date. Filing on time will not only avoid penalties but will also give you peace of mind. You can easily file ITR through online portals.

It is worth noting that filing ITR is not only your responsibility, but it is also a proof of your financial discipline. If you have not filed your ITR till now, then do not delay. File before 31 December 2024 and avoid penalty.