Missed ITR Deadline? Keep Calm and Get Refund, Here’s What To Do Now

ITR Filing Deadline 2024: The last date to file income tax returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25) was July 31, 2024. There has been no extension announced for the ITR filing deadline.

July 31 was the last date for filing income tax returns for taxpayers who do not have to get their accounts audited.

Over 7 crore income tax returns were filed till 7 pm on Wednesday — the last day for filing ITRs for income earned in 2023-24 fiscal.

Missed ITR Deadline

Can You File ITR After July 31?

You can still file your tax return even if you missed the deadline but with a late fee. This is called filing a belated return.

Belated ITR Filing Last Date

The last date to file a belated return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024.

ITR Filing Penalty After Due Date

• The fee for default in furnishing return of income shall be Rs 5,000 if the return has been furnished after the due date prescribed under section 139(1). However, the fee is Rs 1,000 if the total income of an assessee does not exceed Rs. 5 lakh.
• On top of any late filing fees, you’ll also owe interest on any unpaid taxes. This interest accrues from the original due date until the full amount is settled.
• In addition to incurring penalties and interest charges, filing a belated return has other drawbacks.
• Missing the July 31 deadline means you cannot carry forward certain losses to future years. Only losses from house property can be carried forward in the case of late filing.
• Under Section 276CC, if the amount of tax payable or evaded exceeds Rs 25,000, the penalty for late filing of income tax returns includes imprisonment ranging from 6 months to 7 years, along with a fine.
• Filing income tax returns is the only way to claim a refund for excess taxes deducted. Additionally, as interest is charged on overdue taxes, taxpayers can receive interest on refunds if they file their returns within the prescribed schedule.
• The Income Tax Department may issue notices or initiate scrutiny proceedings for delayed or non-filing ITR. Filing your ITR on time can minimise the chances of being subjected to such inquiries, saving you from unnecessary stress and potential legal consequences.

7 Crores ITRs

“More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!,” the IT department on Wednesday posted on X.

The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023.

To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24×7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the IT department said.