If you haven’t filed your Income Tax Return (ITR) by July 31, don’t worry! You can submit your tax return before December 31. For the financial year 2023-24 (AY 2024-25), the last income tax return for individual taxpayers was July 31, but you can file it before December 31 after paying a fee.
If the late return is less than ₹5 lakh, then the taxpayer has to pay a compensation of ₹1,000, and when the tax return amount is more than ₹5 lakh then the compensation is of ₹5,000.
If you file your income tax return late, you must take the following points into account:
1. Loss (other than “Income from owner-occupied home”) cannot be transferred.
2. Interest charge under section 234A.
3. Levy of fees under section 234F ( ₹1,000 or ₹5,000, as the case may be)
4. Exemptions under sections 10A, 10B are not available.
5. Deduction under Part C of Chapter VI-A is not possible
Taxpayers can sometimes miss certain information in the tax return or make a mistake when filing the income return. In such cases, any inadvertent error, mistake or omission in the return filed by the taxpayer can be rectified by filing a revised ITR.
A return can be revised at any time, 3 months before the end of the relevant tax year or before the completion of the assessment, whichever is earlier.
These are the steps you can take to file your tax return:
1. Log in to your e-filing account
2. Click on e-file, choose income tax return and select file Income tax return (ITR).
3. Select the relevant tax year.
4. Click Start New Archive.
5. Choose the category: Individual, HUF or other.
6. Choose the ITR form (ITR-1, ITR-2, ITR-3, etc.)
