Missed the Deadline? Here’s How to File a Belated Income Tax Return

Filing income tax returns is a key responsibility. If you missed the deadline, you can still file a belated return. Here’s what you need to know.

Missed the Deadline? Here’s How to File a Belated Income Tax Return

What is a Belated Income Tax Return?

A belated return is filed after the original due date. For instance, if the deadline was July 31, 2024, you can file a belated return by December 31, 2024.

Consequences of Filing Late

1. Late Fee: Up to Rs. 5,000 (Rs. 1,000 for income below Rs. 5 lakhs).
2. Interest: Payable on tax dues for the delayed period.
3. No Revision: Belated returns cannot be revised.
4. Losses: Certain losses cannot be carried forward.

How to File a Belated Return

1. Log in to www.incometax.gov.in.
2. Select the relevant assessment year.
3. Choose “Return filed under Section 139(4).
4. Fill in details and verify your return.
5. Submit and save the acknowledgment.

Key Points

1. File by December 31 of the assessment year.
2. Ensure accuracy, as belated returns can’t be revised.
3. Pay all dues before filing.

Conclusion

Filing a belated return allows you to fulfill your obligations, but it’s best to file on time to avoid penalties and ensure full benefits. Act promptly and seek professional advice if needed. For Getting help in filing your Belated Income Tax Return, Contact Corporate Genie @ +91-8700202997.
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