Last date to file ITR: December 31, 2024 is the last date for filing belated and revised income tax returns for the financial year 2023-24 (AY 2024-25). While different categories of taxpayers have different deadlines for filing ITR, the deadline for late and revised returns remains the same. Many people are unaware of the implications of missing the December 31, 2024, submission deadline for FY 2023-24.
ITR Filing: What are the consequences of missing the return filing deadline of December 31, 2024?
If one fails to file a belated return by December 31, 2024, certain consequences apply.
Under Section 139(4) of the Income Tax Act, a late return is liable to a penalty of Rs 5,000, irrespective of the amount of tax due. A lesser penalty of Rs 1,000 applies to lower taxable income. However, individuals with income below the basic exemption limit of Rs 3 lakh will not face any penalty.
“Late returns are the last chance for taxpayers to file ITR and claim refunds and certain losses. If returns are not filed late, So the person loses these claims and the late filing of the return for that assessment year can be updated only provided that the tax, if any delay If the return is not filed, the taxpayer will face increased interest and penalty on the tax due if a notice is sent by the Income Tax Department.”
Failure to elect is an important threshold for filing late returns for FY 2023-24. Old tax systemAs the new regime defaulted from 1st April 2023. Consequently, for delayed returns New tax system.
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The old tax system offered various deductions and exemptions which are not available in the new tax system. These provisions helped in reducing taxable income and subsequent tax liabilities.
The new system allows only two deductions: a standard deduction of Rs 50,000 for the financial year 2023-24 (AY 2024-25) and the employer’s NPS contribution up to 10% of basic pay. Additional benefits like Section 80C, 80D, and HRA exemption are not applicable under the new structure.
ITR Filing: What if you miss the deadline of December 31, 2024 for filing the revised return?
When a taxpayer needs to correct errors in an original or belated return, he has to file a revised return. This allows various oversights to be corrected, such as unreported income, unclaimed deductions, or omitted bank account details.
Bhuta says, “If a taxpayer misses the deadline for filing the revised return, there is no other procedure to file the revised return again for that assessment year and claim refunds or losses. Income Tax laws allow for the filing of an updated return. However, an updated return cannot be filed in cases where the taxpayer incurs a loss, resulting in a refund, or a tax return. have the effect of reducing the total tax liability as there are many other criteria for filing original or belated returns, therefore, if a taxpayer misses the deadline for filing a revised return, he Any additional claim or credit may be claimed during the. However, this is subject to litigation.”
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While taxpayers can file multiple revised returns, tax experts advise against repeated revisions as it may trigger scrutiny from the Income Tax Department.
Regarding the intimation notice, Bhuta explains, “According to Section 139(5) of the Income Tax Act, 1961, three months before the end of the relevant assessment year or before the completion of the assessment, whichever occurs earlier, the ITR can be revised. The ITR can also be revised after receipt under section 143(3). Yes, it cannot be revised.
For the financial year 2023-24 (AY 2024-25), taxpayers have until December 31, 2024 to file their revised returns.