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Penal punishment for filing ballot itar
If you have missed the deadline for the original ITR filing of July 31, 2024, you can still file a belted return. However, you will take a punishment:
- Income up to ₹ 5 lakh: ₹ 1,000 late fee.
- Income above ₹ 5 lakh: ₹ 5,000 late fee.
In addition to late fees, you may have to pay interest under Section 234A if you have any outstanding liability.
The interest is charged on 1% per month or a month’s part by the date of filing from the original due date (31 July, 2024).
Who needs to file?
Belated ITR: For taxpayers who missed the initial deadline.
Revised ITR: For taxpayers who need to correct errors or omission in the returns filed pre -filed.
Results of remembering the deadline of 15 January
If you fail to enter your ITR by tomorrow, you lose the opportunity to file or modify your return to Ay 2024-25.
Non-non-availability may cause additional punishment for notice and default from the Income Tax Department.
Tips for final-minute filing
- Use the e-filing portal of the Income Tax Department to present quickly.
- Double-check details such as income, deduction and payment of taxes to avoid errors.
- Pay any pending dues with interest and punishment before filing.
first published: January 14, 2025 11:17 pm First
) Penal Fine (T) Income Tax Belted Return Rules (T) For Late ITR 2025 (T) additional fee (T) for late ITR filing for late ITR (T) Late ITR filing after the deadline