Belated Income tax return
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Filing your income tax return (ITR) on time is a fundamental responsibility of every taxpayer. However, life happens, and sometimes we miss the deadline. This is where a belated income tax return comes into play. Let’s explore what a belated return is, the penalties involved, and how you can file it.
What is a Belated Income Tax Return?
A belated income tax return is a return filed after the due date prescribed by the Income Tax Department. As per Section 139(4) of the Income Tax Act, taxpayers who miss the original filing deadline can still fulfill their tax obligations by submitting a belated return.
The deadline for filing a belated ITR for the financial year 2023-24 (assessment year 2024-25) is 31st December 2024.
Section 139(4) – Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Consequences of Filing a Belated Income Tax Return
While filing a belated return allows you to avoid more severe penalties like prosecution, it does come with certain drawbacks:
1. Late Filing Fees
Under Section 234F, you are required to pay a late fee:
- ₹1,000 for individuals with a total income between ₹2.5 lakh(3 lakh for new regime) and ₹5 lakh.
- ₹5,000 for individuals with a total income above ₹5 lakh.
2. Loss of Carry Forward of Losses
If you file your ITR late, you lose the ability to carry forward certain losses, such as business or capital losses, to future years.
3. Interest on Tax Dues
If you have unpaid taxes, interest at the rate of 1% per month is charged under Section 234A, 234B, 234C.
What is the last date to file a Belated income tax return?
The last date to file a belated return is 31st December of the assessment year.
For example, Last date to file Belated ITR is 31st December 2024 for FY 23-24 (AY 24-25)
Steps to File a Belated Income Tax Return
Filing a belated return is similar to filing your ITR before the due date. Here’s how:
Step 1: Gather Your Documents
Ensure you have all necessary documents, such as:
- Form 16Â or Form 16A
- Bank statements
- Investment proofs
Step 2: Visit the Income Tax Portal
Log in to the Income Tax e-Filing Portal.
Step 3: Select the Correct Assessment Year
Choose the applicable assessment year (e.g., 2024-25 for the financial year 2023-24).
Step 4: Fill in the Details
Input your income, deductions, and taxes paid.
Step 5: Pay tax
Pay any applicable tax, late filing fees and interest.
Step 6: Submit the Return
Review all details and submit your belated ITR.
Consequences of Not Filing a Belated Income Tax Return
Failing to file your income tax return (ITR), even after the extended deadline for a belated return, can lead to significant repercussions. The Income Tax Department enforces strict penalties to ensure compliance. Here’s what happens if you do not file your belated ITR:
1. Prosecution for Willful Default
Non-filing of returns can attract prosecution under Section 276CC of the Income Tax Act. If taxes remain unpaid and returns are not filed, you may face:
- 3 months to 7 years of imprisonment in serious cases.
However, prosecution is generally not initiated if your tax liability is below ₹10,000.
2. Ineligibility for Refund Claims
By not filing your return, you lose the opportunity to claim refunds for any excess taxes paid, including:
3. Scrutiny and Notices from the Tax Department
The Income Tax Department may issue a notice under Section 142(1) or Section 148, seeking an explanation for non-filing. This can lead to:
- Intense scrutiny of your finances.
- Re-assessment of your income for prior years.
4. Assessment and Penalty by Tax Authorities
If you fail to file a return, the department can perform a best judgment assessment under Section 144, estimating your income and tax liability. Additional penalties of up to 50-200% of the tax amount may be levied for concealment of income.
Can a Belated Return Be Revised?
Yes, as per Section 139(5), a belated return can be revised until 31st December 2024 for FY 23-24 (AY 24-25). This provides an opportunity to correct errors or omissions in the original belated return.
Income tax rates
Old tax RegimeÂ
| Income | Tax rates |
| Upto ₹ 2.50 lakh | 0% |
| ₹ 2.50 lakh – ₹ 5 lakh | 5% |
| ₹ 5 lakh – ₹ 10 lakh | 20% |
| Above ₹ 10 lakh | 30% |
You Can claim deduction under Section 80C, 80D, 80G, etc
For senior citizen (age between 60 & 80 years), tax rate is 0% upto ₹ 3 lakhs. Rest of the rates are same.
For super senior citizen (age above 80 years), tax rate is 0% upto ₹ 5 lakhs. Rest of the rates are same.
In Old tax regime, a maximum tax rebate under section 87A of Rs. 12,500 is available for income upto Rs. 5 lakhs meaning your income is totally tax free till Rs. 5 lakhs. The rebate under section 87A is not allowed to a Non-resident.
New tax Regime (FY 23-24)
| Income | Tax rates |
| Upto ₹ 3 lakh | 0% |
| ₹ 3 lakh – ₹ 6 lakh | 5% |
| ₹ 6 lakh – ₹ 9 lakh | 10% |
| ₹ 9 lakh – ₹ 12 lakh | 15% |
| ₹ 12 lakh – ₹ 15 lakh | 20% |
| More than ₹ 15 lakh | 30% |
New tax Regime (FY 24-25)
Income | Tax Rate |
Upto ₹ 3 lakh | 0% |
₹ 3 lakh – ₹ 7 lakh | 5% |
₹ 7 lakh – ₹ 10 lakh | 10% |
₹ 10 lakh – ₹ 12 lakh | 15% |
₹ 12 lakh – ₹ 15 lakh | 20% |
Above ₹ 15 lakh | 30% |
New tax Regime (FY 25-26)
| Income Range (₹) | Tax Rate |
|---|---|
| Upto ₹ 4 lakh | Nil |
| ₹ 4 lakh – ₹ 8 lakh | 5% |
| ₹ 8 lakh – ₹ 12 lakh | 10% |
| ₹ 12 lakh – ₹ 16 lakh | 15% |
| ₹ 20 lakh – ₹ 20 lakh | 20% |
| ₹ 20 lakh – ₹ 24 lakh | 25% |
| Above ₹ 24 lakh | 30% |
Conclusion
Filing a belated income tax return is better than not filing at all. While there are penalties and disadvantages, it’s a responsible step towards fulfilling your legal obligations. Staying proactive with your taxes can help you avoid unnecessary stress and costs in the future.
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