The deadline for filing belated and revised income tax returns for FY 2023-24 (Assessment Year 2024-25) is 31 December 2024.
According to the Income Tax Act, different categories of taxpayers have different deadlines for filing their ITRs.
However, the deadline for submitting belated and revised returns is the same for all taxpayers.
Many taxpayers are unaware of the consequences if they fail to file their returns or revised returns for FY 2023-24 by 31 December 2024.
What happens if the deadline for filing the belated return (31 December 2024) is missed?
A belated return is filed when a taxpayer misses the deadline for submitting their return.
In such cases, a penalty of Rs 5,000 applies, even if there is no tax payable.
However, if the taxable income is below the basic exemption limit of Rs 3 lakh, no penalty will be imposed for filing a belated return.
Kinjal Bhuta, Secretary of the Bombay Chartered Accountants Society, stated, “Filing a belated return is the last opportunity for a taxpayer to file their ITR and claim refunds.
If the belated return is not filed, they will lose the chance to make these claims for that assessment year.
Once the deadline for filing a belated return passes, only an updated return can be filed, provided any tax liability is settled.
Additionally, if a belated return is not filed, the taxpayer will have to pay the full outstanding amount, including penalties and interest, if the Income Tax Department issues a notice.”
One downside of filing belated returns for FY 2023-24 is that taxpayers cannot choose the old tax regime.
Since April 1, 2023, the new tax regime has been the default for FY 2023-24.
As a result, belated returns for FY 2023-24 will be processed under the new tax regime.
Under the old tax regime, taxpayers can claim various exemptions and deductions, which help reduce their tax liability.
However, these exemptions and deductions are not available under the new tax regime.
What happens if the deadline for filing revised returns (31 December 2024) is missed?
A revised return is filed when a taxpayer needs to correct errors in their original or belated return.
If there are mistakes in the filed ITR, such as failing to report income, not claiming deductions, or missing details about bank accounts, these can be corrected through a revised return.
Bhuta mentioned, “If the deadline to file a revised return is missed, the taxpayer will not have any other option but to file it for that assessment year.
There will be no provision for claiming refunds or losses. However, according to income tax rules, updated returns can still be filed in cases where the taxpayer has incurred a loss.”
