2024-10-02 11:41:23
ITR Filing Date: There are many people who have money deposited in their banks. The bank deducts TDS (Tax Deduction at Source) on the interest received on this amount. It is possible that the income of the person from whom TDS is being deducted is not so much that he has to pay Income Tax. This amount can be recovered, but for this income tax return has to be filed. The last date for filing ITR in assessment year 2024-25 was 31 July 2024. But for those who have not filed ITR, there is still time. C. Kamlesh Kumar, Taxation Partner of Ravi Rajan & Co LLP, Delhi, is telling us about this.
What is the last date for filing returns?
Due date for filing Income Tax Return (ITR) for individuals, Hindu undivided families (HUF), and other taxpayers who are not required to get their accounts audited under any law for the financial year 2023-24 It was July 31, 2024. If you missed this deadline, you need to know about your options.
Can a delayed return be filed?
If you have not filed your income tax return by the due date, you can still file a belated return under Section 139(4) of the Income Tax Act, 1961. This provision allows taxpayers to submit their returns even after the original deadline. Yes, you may have to pay some fine or filing fee for using this facility.
How much fees will have to be paid
Under Section 234F of the Income Tax Act 1961, you will have to pay late filing fee for late filing of return. The amount of fee will depend on the income of the person filing ITR. If the annual income of the person filing the return in the previous year is more than Rs 5 lakh, then he will have to pay a late fine of Rs 5,000. If someone’s income is between Rs 2,50,001 to Rs 5,00,000 then they will have to pay a fee of Rs 1,000. If the annual income of the person filing ITR is up to Rs 2.5 lakh then he will not have to pay any fee.
When can you file delayed ITR?
So, if you missed the original deadline of July 31, 2024, you still have time. You are free to file delayed returns between August 1, 2024, and December 31, 2024. During this period, you can not only file income tax return but you can also claim refund of TDS deducted by the bank. Meaning that you are entitled to get a refund of that amount also.
You can also file updated returns
If you miss the extended deadline of December 31, 2024, you can still file your income tax return, but it will be treated as an updated return under Section 139(8A) of the Income Tax Act, 1961. This option allows you to file your return up to two years from the end of the relevant assessment year. But, you will have to pay an additional fee. 25% of tax payable if updated return is filed within one year. 50% of tax payable if updated return is filed within two years.