Belated Income Tax Return: You can file it before Dec 31. Check details

If you missed filing your income tax return (ITR) before July 31 then you do not need to fret! You can still file your tax return before December 31. For the financial year 2023-24 (AY 2024-25), while the last date of filing income tax return for individual taxpayers was July 31, one can file it before Dec 31 after paying a fee.

If the belated return amounts to less than ₹5 lakh then the taxpayer has to pay a fee of ₹1,000, and when the amount of tax return is more than ₹5 lakh then the fee is of ₹5,000.

If you are filing a belated income tax return then you need to keep in mind the following points:

1. Loss (other than “Income from house property”) cannot be carried forward.

2. Levy of interest under section 234A.

3. Levy of fee 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 shall not be available

Levy of fee

Taxpayers, at times, may miss certain information in the return or may commit any mistake at the time of filing the return of income. In such cases any inadvertent mistake or error or omission in the return of income 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 assessment year or before the completion of the assessment, whichever is earlier.

These are the steps you can take to file your return:

1. Log in to your e-filing account

2. Click on e-file, choose income tax returns and select file Income Tax Return (ITR).

3. Select the relevant assessment year.

4. Click Start New Filing.

5. Choose the category: Individual, HUF or others.

6. Choose the ITR form (ITR-1, ITR-2, ITR-3, etc)

7. File your return