As the extended deadline of one day for filing Income Tax Return (ITR) for FY 2024-25 has also passed, taxpayers are wondering if they can still file their ITR. If yes, what is the procedure, and is there any penalty they need to pay? In this article, we will tell you everything related to filing ITR after crossing the last date. But before that, let’s know what the final deadline was for ITR filing.
Usually, the Central Board of Direct Taxes (CBDT) sets July 31 as the ITR filing deadline for non-audit taxpayers. But this year, in May, CBDT announced the deadline extension to September 15. However, due to the technical glitches on the Income Tax website last day, the deadline was extended for one more day to September 16.
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ITR filing after the deadline
Yes, taxpayers can file ITR after crossing the deadline. For example, if you do not file your ITR for FY 2024-45 till September 15, you can do it by December 31, 2025. However, you may need to pay a penalty and interest if you have missed the due date.
Under Section 234A, one per cent interest per month or part of the month will be payable along with the tax due if there is tax payable. Section 234A applies to all taxpayers, including HUFs (Hindu Undivided Families), and businesses.
A penalty of Rs 5,000 under Section 271F might also be payable, depending upon the case. However, if a taxpayer has paid the taxes and only a return is pending, then no interest will be charged.
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Interest calculation under Section 234A
Balance tax payable × 1% × number of months delayed
FAQs
What happens if I file a belated ITR?
If you file your ITR after the deadline, you need to pay a penalty of up to Rs 5,000 and may face some other consequences. This means, if your total income is up to Rs 5 lakh, the penalty is you have to pay is Rs 1,000, but if it is above Rs 5 lakh, then the penalty rises to Rs 5,000.
What are the interest and penalty for filing ITR after the due date?
Under Section 234A, one per cent interest per month or part of the month will be payable along with the tax due if there is tax payable.
What are Sections 234B and 234C?
Under Section 234B, an interest is imposed for non-payment or underpayment of advance tax, while under Section 234C, an interest is charged for deferred payment of advance tax installments.
How is interest under Section 234A calculated?
Balance tax payable × 1% × number of months delayed
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