If you missed the July 31 deadline to file your income tax returns, don’t worry, you still have a chance to file a belated return before December 31. However, keep in mind that you’ll have to pay a late fee of ₹5,000 if your total taxable income exceeds ₹5 lakh. If your income is below ₹5 lakh, the late fee is ₹1,000.
To file a belated return, you can follow these steps:
– Online Method: Log in to your e-filing account, click on ‘e-File’ > ‘Income Tax Returns’ > ‘File Income Tax Return’, select the assessment year, and proceed with the filing process.
– Offline Method: Download the Offline ITR Preparation Utility, prepare your ITR, and upload the .json file to complete the filing process.
Remember, filing a belated return comes with some consequences, including:
– Interest Penalty: You’ll have to pay simple interest at the rate of 1% per month or part thereof for delayed ITR filing.
– Loss of Carry Forward Benefits: You cannot carry forward losses from business/profession and capital gains, except for losses from house property.
– Notice from Tax Department: Delayed filing can lead to notices from the tax department, causing unnecessary stress and hassle.
So, make sure to file your belated return before December 31 to avoid any further complications.
