December 31, 2024, is the last date to file belated and revised income tax returns for FY 2023-24 (AY 2024-25).
According to income tax laws, different categories of taxpayers have different last dates to file ITRs. However, the last date to file a belated return and revised return is the same for all taxpayers.
Not many taxpayers are aware of the consequences they will face if they miss the December 31, 2024, deadline to file the belated and revised returns for FY 2023-24.
What happens if you miss the belated return filing deadline on December 31, 2024?
A taxpayer files the belated return if they have missed the deadline to file the original return. The belated return is filed under Section 139(4) of the Income Tax Act. A penalty of Rs 5,000 is applicable at the time of filing a belated return. This penalty is payable even if there is no pending tax payable amount. If the taxable income does not exceed, then penalty of Rs 1,000 will be applicable. However, no penalty will be applicable on belated return if the taxable income does not exceed the basic exemption limit of Rs 3 lakh.
As per section 139(5) of the Income Tax Act, 1961, ITR can be revised only before three months before the end of the relevant assessment year or before the completion of assessment, whichever event happens first. The ITR can be revised even after an intimation has been received under section 143(1). However, once the ITR is processed under a regular scrutiny assessment under section 143(3), the same cannot be revised.
A revised return can be filed any time till December 31, 2024 for FY 2023-24 (AY 2024-25).
