If you’ve missed the July 31st deadline for filing your Income Tax Return (ITR), don’t worry—there’s still a chance to get it done. You can file a belated return up until December 31, 2024. However, there are a few important changes and potential consequences you should be aware of
- Default Tax Regime: If you miss the deadline, the new tax regime will automatically become your default tax system.
- Carry Forward of Loss: You won’t have the option to carry forward any losses of the current financial year.
- Late Filing Fees: You will have to incur a late filing fee of ₹5,000 Under Section 234F, (or ₹1,000 if your income is below ₹5 lakh).
- Interest on Outstanding Taxes: Interest will accrue at 1% per month on any outstanding tax amounts Under Section 234A.
- Loss of Interest on TDS Refund: You’ll lose interest on your TDS refund, which accrues at 0.5% per month under Section 244A. This interest is calculated from the date of filing your return or the due date, whichever is later.
Can You Still File Your ITR If You Missed the Deadline?
Yes, you can still file your ITR after missing the July 31st deadline. Just remember to do so before the due date of filing belated return by December 31, 2024.