ITR Filling: Missed deadline? Here’s how you can still file your return

ITR Filling: If you’ve missed the original due date for filing your Income Tax Return (ITR), you can still file it, but there are important rules and consequences you need to be aware of. The ITR filed after the original deadline is known as a belated return. ITR Filling: Missed deadline? Here’s how you can still file your return.

How to File a Belated Return:

The process for filing a belated return is similar to filing a regular ITR, with one key difference: you must file it under a specific section of the Income Tax Act.

1. Gather all documents: Ensure you have all the necessary documents, such as your PAN card, Aadhaar card, Form 16 (for salaried individuals), Form 26AS, and details of all your income sources, deductions, and tax payments.

2. Log in to the e-Filing Portal: Go to the official Income Tax e-Filing portal.

3. Select “Belated Return”: When you start the filing process, choose the option to file your return under Section 139(4) of the Income Tax Act.

4. Fill in the details: Accurately enter all your income, deductions, and tax details in the correct ITR form.

5. Pay the late fee and any tax dues: Before submitting, you must calculate and pay the applicable late filing fee and any pending tax liability with interest. The system will guide you through this process.

6. Submit and E-Verify: After submitting the return, make sure to e-verify it to complete the process.

Penalties and Consequences of Late Filing:

Filing a belated return comes with penalties and other repercussions.

Late Filing Fee (Section 234F):

If your total income is more than Rs 5 lakh, the penalty is Rs 5,000.

If your total income is Rs 5 lakh or less, the penalty is capped at Rs 1,000.

Interest on Unpaid Tax (Section 234A): If you have any outstanding tax liability, you will be charged an interest of 1% per month (or part of a month) on the unpaid amount from the original due date until you file the return and pay the tax.

Loss of Carry Forward Benefits: You will lose the ability to carry forward certain losses (such as business losses or capital losses) to offset against future income. The only exception is loss from “Income from House Property.”

Delayed Refunds: If you are eligible for a tax refund, filing a belated return will delay the processing and receipt of your refund.

No Tax Regime Change: For the Assessment Year 2025-26, the new tax regime is the default. If you missed the original due date, you cannot switch to the old tax regime while filing a belated return.

Belated Return Deadline:

For the financial year 2024-25 (Assessment Year 2025-26), the deadline for filing a belated return is December 31, 2025. It’s crucial to file your return before this date to avoid more severe consequences, including potential legal action from the Income Tax Department.

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