Belated ITR Filing Last Date 2024: Deadline, Penalty & Steps to File Online

Belated ITR Filing : If you have missed the deadline to file your income tax returns, don’t worry you still have the option to file your returns after the due date but with a penalty. This article will guide you through the process of belated returns so you can navigate it smoothly without incurring any financial penalties.

What is Belated Return?

Belated return means return filed after the due date i.e. 31st July of the assessment year but before 31st December of the assessment year. Late filing has consequences but still better than non-compliance penalty.

The due date to file income tax return for the Financial Year 2023-24 is 31st July 2024. If you miss filing your ITR within the original deadline then you can file a late return, called Belated Return.

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What is the penalty for filing belated ITR?

Late filing fees u/s 234F

If the total income is more than Rs. 5 lakh then the penalty is Rs.5000.

If the total income is less than Rs. 5 lakh then penalty is Rs.1000.

And if total income is below the basic exemption limit (i.e. 3 lakh) then no penalty is levied.

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How to File Belated Return Online?

Step-by-Step on How to E-file ITR on the Income Tax Portal

Step 1: Login

Visit the official Income Tax e-filing website and click on 'Login'.

Enter your PAN in the User ID section.

Click on ‘Continue’.

Check the security message in the tickbox.

Enter your password

‘Continue’

Step 2: Go To ‘File Income Tax Return’

Click on the 'e-File' tab and 'Income Tax Returns' ‘File Income Tax Return’

Step 3: Select The Right ‘Assessment Year’

Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Similarly, select ‘AY 2023-24’ if you are filing for FY 2022-23 and use the mode of filing as ‘Online’. Select the filing type correctly as original return or revised return.

Step 4: Select The Status

Select your applicable filing status: Individual, HUF, or Others.

For filing of persons like you and me, select 'Individual' and 'Continue'.

Step 5: Select ITR Type Now, select ITR type.

The taxpayer must first ascertain which ITR form they must fill out before filing returns. There are a total of 7 ITR forms available, of which ITR 1 to 4 is applicable for Individuals and HUFs.

For example, individuals and HUFs without income from business or profession but with capital gains can use ITR 2. Find out which ITR you should be filing.

Step 6: Choose the Reason For Filing ITR

In the following step, you will be prompted to specify the reason for filing your returns. Select the appropriate option that applies to your situation:

Taxable income is more than the basic exemption limit Meets specific criteria and is mandatorily required to file ITR Others.

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An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios.

However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying forward losses, claiming an income tax refund, for availing the VISA, loan from banking institutions, term Insurance, etc.

E-filing refers to the process of filing an Income Tax Return (ITR) online, using the Internet. By accessing the new income tax portal using PAN-based login credentials, individuals can take advantage of a range of features that simplify the tax filing process.

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