The Government has extended the deadline for filing the belated Income Tax Return (ITR) from December 31 to January 15, 2025. The original deadline for filing without a late fee was July 21, 2024. Those who missed the deadline were required to file by December 31 with January 15, 2025 with a late fee of 5,000
Late Fee Details
If your income is under 5 lakh, the late fee will be 1,000. If your income exceeds 5 lakh, the late fee will be 5, 000.
Consequences of Not Filing ITR
If ITR is not filed on time, taxpayers can face penalties. However, filing a belated return helps avoid notices. Late filing also prevents carrying forward losses to the next financial year, a benefit available only if filed on time.
Shash Rai
