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Income Tax: If you have not been able to file your Income Tax Return (ITR) yet or have made any mistake in filing, then do not worry. The government has extended the last date for filing belated and revised ITR from 31 December to 15 January 2025.
This means that now you can file your ITR till 15 January 2025 with late fees. Also, if there is any error in the already filed return, then it can also be revised till 15 January.
It is worth noting that the last date for filing ITR without any late fee for the financial year 2023-24 was 31 July 2024. But for those taxpayers who could not file their returns within this time limit, this is another chance.
So, if you are late, then take advantage of this opportunity and file your ITR as soon as possible.
Late fees up to Rs 5,000 will be charged!
If you have not yet filed ITR for the financial year 2023-24, then you can file it till January 15 with late fee.
However, the amount of late fee will depend on your total income. If your total income is less than Rs 5 lakh, then only Rs 1,000 will have to be paid as late fee. But if the income is more than Rs 5 lakh, then Rs 5,000 will have to be paid as late fee. Therefore, file your ITR as soon as possible and avoid heavy penalty.
How to file income tax return? Know easy ways
It's time to file Income Tax Return (ITR) and if you haven't filed your ITR yet, don't delay any further. Here is the complete process of filing ITR explained to you in an easy way.
1. First of all visit the site.
Visit the official website of the Income Tax Department.
2. Login
Login using your PAN card number.
3. Choose the right ITR form
Select the ITR form based on your income and category. Note that the assessment year for the current financial year FY24 will be AY2024-25.
4. Fill in the details:
Fill in the required personal details, income and deductions in the form.
5. Be aware of late fees
If you are filing returns after the last date, a late fee of up to ₹5,000 may be applicable.
6. Final Submission and Verification
Complete the filing process using Aadhaar linked OTP and verify your return.
7. Offline option is also available.
If you feel uncomfortable with the online process, you can go to the Income Tax Office and submit the form and also get it verified from there.
Delay in filing ITR can be costly!
If you haven't filed your Income Tax Return (ITR) yet, time is running out! While filing a belated ITR by January 15 may help you avoid the tension of notices, the consequences of not filing your return by the due date of July 31 may still weigh heavy on your pocket.
According to the Income Tax rules, the advantage of filing ITR on time is that you can carry forward your financial losses to the next financial years. In simple words, it helps in reducing your future tax burden. But if you have missed the deadline, then this big benefit is now out of your hands.
Not only this, the Income Tax Department collects information about your income from many sources. If ITR is not filed, this information can be used against you. The result? You may have to face a notice!
So don't delay now, because by filing ITR before 15 January, you can not only avoid the hassle of notices, but can also strengthen your financial position. If you delay, you will only regret it!
