Missed the November 15 tax deadline? Here's how to file Belated ITR

Belated ITR filing: The clock struck midnight on November 15, 2024, marking the end of the extended deadline for specific taxpayers, including corporate entities and those requiring audited financial statements, to file their Income Tax Returns (ITRs). If you’re among those who missed the mark, don’t panic. While the deadline has passed, there’s still a window to set things right—but with certain penalties and conditions attached.  

What happens if you miss the deadline?

Failing to meet the ITR filing deadline could also result in interest on unpaid taxes, restricted financial benefits, and potential scrutiny from the Income Tax Department. Taxpayers may lose the ability to carry forward certain losses, such as business or capital losses, except for losses from house property.  

The law mandates a late fee of up to Rs 5,000 under Section 234F of the Income Tax Act. If your taxable income is below Rs 5 lakh, the penalty is capped at Rs 1,000. Additionally, interest on unpaid taxes accrues at 1% per month or part thereof under Section 234A, creating a compounding financial burden the longer you delay.  

What you should do immediately

The tax system provides a fallback option in the form of belated returns. Taxpayers can file these returns until December 31, 2024, albeit with penalties. The process involves paying the applicable late fees and ensuring all due taxes are cleared with interest.  

Before filing, it’s critical to double-check your documents. Verify income details using Form 16 (for salaried employees), Form 26AS, and the Annual Information Statement (AIS). Mismatches can trigger unnecessary scrutiny from tax authorities.  

How to file a Belated ITR

Filing a belated Income Tax Return (ITR) is a straightforward process, but it requires attention to detail.

Begin by logging into the official [Income Tax e-filing portal](https://www.incometax.gov.in). Once logged in, select the ‘Income Tax Return’ option, choose the relevant assessment year (2024–25 for the current cycle), and the appropriate ITR form based on your income sources. Under the ‘Return Filing Section,’ select ‘139(4) – Belated Return.’

Fill in the details accurately, including your income, deductions, and tax paid. The portal will automatically calculate any penalties or interest payable. Pay these dues before submitting your return to avoid further complications.

Once completed, verify the return electronically via Aadhaar OTP, net banking, or other available options to finalise the process. Filing early minimises additional penalties and ensures compliance without unnecessary stress.

For those with valid reasons for the delay, such as medical emergencies or unforeseen circumstances, the Income Tax Act allows taxpayers to apply for a condonation of delay. This requires submitting a formal application to the tax officer, who will assess the request. However, approval isn’t guaranteed and depends on the merits of your case.  

So, the next important date for taxpayers is December 31, 2024—the final date to file belated and revised returns. Beyond this, failing to comply can result in legal notices, scrutiny, and hefty penalties.