The deadline to file income tax returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25) was July 31, 2024.
If you missed this deadline, you can still file your tax return, but you will have to pay a late fee.
A belated return incurs a late fee of Rs 5,000, but Rs 1000 if your annual income is below Rs 5 lakh.
The last date to file a belated return is December 31, 2024.
In addition to the late fee, you will also need to pay interest on any unpaid taxes, which accrues from the original due date until the full amount is settled.
Missing the July 31 deadline also means you cannot carry forward certain losses to future years, except for losses related to house property.
Furthermore, the Income Tax Department may issue notices or start scrutiny proceedings for late or non-filing of returns.
Be prepared for possible penalties and increased scrutiny for delayed filing.
To avoid additional costs and complications, file your return as soon as possible if you have missed the deadline.