The government has extended the last date for filing belated income tax return (ITR) from December 31 to January 15. Now you can file ITR till January 15, 2025 with late fee. If a taxpayer has already filed his ITR, but later it is found that there are mistakes in it, then they can also file revised return till January 15. The last date for filing ITR without any late fee for the financial year 2023-24 was July 31. Late fee of up to Rs 5,000 will have to be paid If you have not filed ITR for 2023-24 till now, then you can file it till January 15 with late fee. If the total income is less than Rs 5 lakh, then you will have to pay a late fee of Rs 1,000. If the total income is more than Rs 5 lakh, then a late fee of Rs 5,000 will have to be paid. How can you file income tax return? What are the disadvantages of not filing the return by January 15?
You can avoid the notice by filing belated ITR but there are many disadvantages of not filing the return by the due date i.e. 31st July. As per the Income Tax rules, if you file ITR before the due date, you can carry forward your loss to the next financial years. That is, you can reduce the tax liability on your income in the next financial years. But now you will not be able to take advantage of this by filing ITR. Apart from this, the Income Tax Department gets information about your income from many sources, if you do not file ITR, the Income Tax Department can send you a notice based on that information. Filing ITR is beneficial to avoid the hassles of notice.
