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ITR Filing Update: The last date to file belated income tax return (ITR) is gradually approaching. Now less than a week is left for this. Earlier, the government had extended the last date for filing ITR from 31 December to 15 January 2025. The last date for filing ITR for the financial year 2023-24 was July 31, 2024, but if a taxpayer missed filing it or made a mistake in the earlier filing, then the last date for filing the revised and billed ITR is July 15. It is January. Revised ITR can be filed under Section 139(5) of the Income Tax Act.
This much will be the late fee
However, now you will have to file ITR with late fees, which will depend on your total income. If your annual income is less than Rs 5 lakh, then you will have to pay late fee of Rs 1,000 and if your income is more than Rs 5 lakh, you will have to pay late fee of Rs 5,000. Along with this, even if you file ITR after the last date, you will have to pay Rs 5,000 as late fee. In such a situation, get ready to file ITR immediately because there is less time left.
File ITR in this way
The process of filing ITR is also easy. For this, first of all go to the official website of Income Tax Department and then login by entering your PAN number. Now select the ITR form based on your income and category. Just keep in mind that for the financial year 2024, select the assessment year 2024-25. Now along with filling personal details, give information about income and deductions. Finally, complete the filing process by entering Aadhaar OTP and verify your return. If you want, you can also submit your form offline by going to the Income Tax office.
That’s why it is important to file ITR
It is important to do ITR because the Income Tax Department has the information from which sources you are getting income. In such a situation, if you have not filed ITR, then a notice can be sent to you on the basis of this information. Along with this, it also reduces your tax burden in future.
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