Missed the ITR Deadline? File a Belated Return Now

Introduction

Filing your Income Tax Return (ITR) is a key responsibility for every taxpayer, essential for legal compliance and maintaining a transparent financial record. If you happen to miss the original deadline, don’t worry — the Income Tax Act provides an option to file a belated return. This allows taxpayers to declare their income and settle any outstanding tax dues even after the due date has passed. In this article, we’ll guide you through the process, timelines, and consequences of filing a belated ITR, ensuring you stay compliant and informed.

Why You Should File a Belated Income Tax Return (ITR)

Filing your Income Tax Return (ITR) on time is crucial to avoid penalties, interest charges, and legal issues. However, if you’ve missed the original deadline of July 31, 2024, you still have the opportunity to comply with tax laws by filing a belated return. While you may face some late filing fees and limitations, it is far better than not filing at all.

Benefits of Filing a Belated Return

Minimize Late Fees: Filing within the extended period reduces the late fee imposed under Section 234F.
Carry Forward Certain Losses: Losses under “Income from House Property” can still be carried forward.
Avoid Legal Action: Filing even after the deadline can help you avoid prosecution under the Income Tax Act

ITR Filing Deadlines & Late Filing Fees

Belated Return Deadline

The last date to file a belated return for FY 2023–24 (AY 2024–25) is December 31, 2024.

Late Filing Fees (Section 234F)

Income below ₹5 lakh: ₹1,000 late filing fee.
Income above ₹5 lakh: ₹5,000 late filing fee.
Note: These fees are applicable regardless of whether you file online or offline, and they are non-deductible

Consequences of Filing ITR Late

1. Loss of Carry Forward of Certain Losses

Allowed: Loss under “Income from House Property.”
Not Allowed: Capital gains or business losses cannot be carried forward if the return is filed after the due date.

2. Interest Penalties (Section 234A)

Interest at 1% per month on outstanding tax from the original due date until the date of filing.
The longer you delay, the higher the interest liability.

3. Loss of Deductions & Exemptions

You may forfeit the ability to claim deductions under sections such as:
- Section 80C (e.g., LIC, PPF)
- Section 80D (Health Insurance)
- Sections 80E, 80G, 80GGA, etc.
Timely filing ensures you retain eligibility for all applicable deductions.

4. Revised Return Not Allowed After Deadline

If you file a belated return and later discover an error, you can still revise it until December 31, 2024.
After that date, you lose the opportunity to correct any mistakes in the filed return.

5. Risk of Prosecution (Section 276CC)

Failure to file your ITR even after the final belated return deadline may lead to:

Imprisonment: Up to 7 years for willful defaulters.
Fines: Additional penalties apart from late fees and interest

How to File a Belated Return

Follow these steps to file your belated ITR:

Check Eligibility: Ensure you’re still allowed to file. If you’ve received a notice, consult a tax professional.
Gather Documents: Collect Form 16, bank statements, investment proofs, and other income-related documents.
Login to the ITR Portal: Use your PAN and password on the Income Tax Department website.
Choose the Correct ITR Form:
- ITR-1: Salaried individuals.
- ITR-2/3: Individuals with capital gains or business income.
Fill in Income & Deduction Details: Provide accurate data for income, deductions, and taxes paid.
Review & Submit: Double-check the form and submit it online. Download the acknowledgment.
Pay Applicable Fees: Make the necessary payment for late filing and any outstanding taxes.

About the Author

Rohit

Rohit is a skilled writer renowned for simplifying complex legal concepts into clear, actionable insights. Her work empowers entrepreneurs with the legal knowledge they need to confidently start and run their businesses with greater ease and understanding.

June 30, 2025