The due date to furnish the ITR towards the Assessment year (AY 2024-25) was 31st July 2024. Under the norms of the CBDT if an assessee misses the decided last date then they are needed to pay the late fee and furnish the belated ITR by 31st December 2024.
The last date to file the belated ITR is on 31st December 2024. An ITR that is filed after the last date is said to be the late return.
Late Fees Towards Late ITR Filing for FY 2023-24
234F. (1) where a person is required to file a return of income under section 139 and fails to do so within the time given, then he shall pay a fee of five thousand rupees :
Provided that if the total income does not exceed ₹500,000/-, the fee payable under this section shall not exceed ₹1000/-.
“if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years” stated the website of the income tax department. Until the assessment year (AY) 2017-18, no penalty was there to furnish the belated ITR and this penalty was applied from the AY 2018-19. Also, the government has inserted section 234F into the Income Tax Act 1961.
Provision to Furnish the ITR After the Due Date
The steps to furnish the return after the due date are similar to furnishing the return on or before the due date. If the return is furnished after the due date of ITR, the assessee will be required to file the tax along with the interest at the rate of 1% per month or part of the month on tax payable upto the date of filing the return also called simple interest under section 234A.
If any cause assessee shall not file his ITR; he can still furnish the belated return before the 31st December 2024 for the current AY 2024-25.
