If for some reason you have not filed your income tax return by July 31, 2024, then you can file a belated return today i.e. on January 15. Today is also the last chance to file revised return. Actually, 31st December every year is the last date to file billed and revised returns. But, this time on the orders of Bombay High Court, CBDT had extended this deadline by 15 days. This deadline ends today.
Who can file belated return?
Such taxpayers who for any reason do not file income tax return by July 31, 2024 (Income Tax Return ) have missed filing the belated return (Belated Return) can file. Taxpayers who file belated returns have to pay penalty. The penalty is Rs 1,000 for people with annual income less than Rs 5 lakh. The penalty is Rs 5,000 for annual income of Rs 5 lakh or more. Apart from this, interest also has to be paid on tax.
Who can file revised return?
If a taxpayer has filed the income tax return before the deadline, then he realizes that he has given some wrong information in the ITR form, then he can file a revised return. If the taxpayer feels that he has forgotten to declare any income in the return, he can still file a revised return. If he does not do so, he may receive a notice from the Income Tax Department. Then he will have to answer it.
Also read: Income Tax: Deadline to file belated and revised income tax returns is January 15, know what will happen after this
How to file belated return?
For this you will have to go to the e-filing portal of the Income Tax Department. You have to log in through your PAN. Then you have to choose the correct income tax return form. After that the assessment year has to be selected. The financial year for you will be 2023-24 and assessment year 2024-25. You will have to pay late fees according to your income. After filling the form it has to be submitted. If you want, verify it immediately with the help of Aadhaar OTP. With this you will not need to verify later. Your return will be considered valid only after verification.