Missed ITR deadline or made an error? File a revised return by Dec 31, 2024

If you have missed the original due date of ITR filing, a belated ITR can be filed. You can also file revised ITR if you have made a mistake in the originally filed ITR

Taxpayers who missed the initial deadline have time until December 31, 2024, to file their income tax return (ITR) for FY 2023-24 (AY 2024-25). This date applies to those filing a belated ITR, subject to a penalty of up to Rs 5,000. Additionally, December 31, 2024, is the final date for submitting a revised ITR.

 

What is a belated return?

 

A belated Income Tax Return (ITR) is filed after the original due date. According to Section 139(4) of the Income Tax Act, this provision allows taxpayers who have missed the deadline to submit their returns within a specified timeframe. For the financial year 2023-24 (assessment year 2024-25), individuals can file a belated ITR until December 31, 2024.

 

Penalty for belated ITR filing

 

Individuals who file their tax returns after the normal due date will incur a late filing fee of Rs 5,000. This fee is reduced to Rs 1,000 for taxpayers with a total income below Rs 5 lakhs.

 

Why filing a belated return is crucial?

 

Despite the drawbacks, filing a belated return is far better than not filing at all. Here's why:

 

Legal compliance: Filing returns is a legal obligation for individuals meeting certain income thresholds.

 

Avoiding hefty penalties: People who don’t file returns may get a notice from the Income Tax Department and they may be asked to pay penalties in some cases.

 

Documentation for financial transactions: ITRs serve as important financial documents for various purposes like visa applications, loan approvals, and property transactions.

 

Peace of mind: Staying compliant with tax laws provides peace of mind and prevents future complications.

 

Manmeet Kaur, Partner at Karanjawala & Co. explains why filing revised ITR is important

 

A Revised Return is filed to correct any errors, omissions, or inaccuracies in the Income Tax Return originally submitted by the assessee under section 139(1) or 139(4) of the Income Tax Act, 1961. According to section 139(5) of the Act, a revised return can be filed by the assessee three months before the end of the relevant assessment year. This provision ensures that the assessee has an opportunity to rectify any inadvertent mistakes made while filing the ITR.

 

What are the points to keep in mind while filing revised ITR

 

It is important to keep in mind that revised ITR is filed to rectify error in the original ITR filed by the assessee. Therefore, it is crucial to ensure that every detail in the revised ITR is accurate. The assessee must carefully verify personal information (such as name, address, PAN details, and bank account details), disclose all sources of income, correctly claim deductions, and provide accurate income, tax paid, and TDS details. Additionally, it is vital to cross-check these details against the details provided in Form 26AS/ TIS/AIS.