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Taxpayers who are yet to file their Income Tax Return (ITR) for the financial year 2023-24 still have time till January 15, 2025, to sort out late returns. Missing this deadline can result in legal notices, penalties, and other complications.
Late fee for late filing of ITR
Income below Rs 5 lakh: Rs 1,000 late payment
Income of Rs 5 lakh and above: Rs 5,000 late fees
The initial last date for filing ITR without a late fee is July 31, 2024.
How to file your ITR?
Visit the official website of the Income Tax Department.
Enter your PAN number.
Choose the applicable ITR form based on your income.
Select AY2024-25 for FY 23-24.
Enter personal information, discounts, and income statements.
Pay the applicable late fee and make the submission using the Aadhaar linked OTP.
Verify your return by submitting an online or physical copy to the Income Tax Office.
Consequences of missing the January 15 deadline
Legal notices: The Tax Department collects income statements from various sources. Failure to file ITR may trigger reports based on undeclared income.
Carry forward losses: Filing before the original deadline (July 31) allows you to carry forward a loss to offset future tax liability. Filing now will cost you this benefit.
Advice for salaried employees
Salaried employees must submit proof of tax savings, such as contributions to a tax savings plan or home loan receipts, to their employer’s finance department by January 15, 2025. If they don’t thus, it may result in a direct deduction from your salary.
Employers across India have set this deadline for submitting evidence to calculate the appropriate tax liability for the financial year.
To avoid legal issues, penalties, and missed financial benefits, ensure you file your belated ITR and submit tax proofs by the deadlines.
Also read | Claim tax exemption on rent without HRA: A complete guide to Section 80GG benefits
