Last chance to claim Income Tax Refund for FY 2023-24
The due date for filing revised/ belated income tax returns for the assessment year 2024-25 for individuals, falls tomorrow, ie., on 15 January 2025. This due date was extended from December 31, 2024, to January 15, 2025 by CBDT.
Late Fees Applicable on Belated ITR Filing
Those taxpayers who have failed to file their original ITR by July 31, 2024, still have a chance of filing belated returns but with penalties imposed on them. The Late Fee structure is as follows:
- If the income is up to Rs. 5 lakh, a late fee of Rs. 1,000 is charged.
- If the income is more than Rs. 5 lakh, then a late fee of Rs. 5,000 is levied.
In addition to the late fee, the taxpayers will also be liable to pay interest under Section 234A if any tax liability is unpaid. The interest is charged at 1% per month or part of the month from the date of the original due date, July 31, 2024, till the actual date of filing.
Who Needs to File?
- Belated ITR: Those taxpayers who missed the initial filing date.
- Revised ITR: Taxpayers, who want to rectify the mistakes or omission in the return already submitted.
Consequences of Missing the January 15 Deadline
Failure to file ITR by this date means missing the opportunity to file or revise a return for the year 2024-25. Non-compliance will attract notices from the Income Tax Department and further penalty for default.
In case you missed filing a revised/belated return, you can still File ITR-U in case you need to disclose additional Income, but you will not be able to claim the Income Tax Refund, if any.
Last-Minute Tips for Filing
- Check on e-file portal of the Income Tax Department to ascertain whether all incomes, all types of allowances deductions, and taxes are correctly done.
- Ensure that you e-verify your ITR after Filing.
