ITR Filing: There is still a chance to file ITR, you can file the return by paying a penalty..

The Income Tax Department had fixed the date for filing Income Tax Returns as 31 July 2024. Although many taxpayers have filed the return within the deadline and will soon get their tax refund. But, still, many taxpayers have not filed ITR.

Now the question is, can taxpayers still file income tax returns?
The answer is yes, taxpayers can file returns by paying a penalty. Let us tell you that interest is also charged along with a penalty for filing the return late. If the return is not filed by 31 July 2024, then you can file the return by 31 December 2024.

How much penalty is to be paid
Under section 234F of the Income Tax Act, the taxpayer has to pay a penalty. Taxpayers whose income is less than Rs 5 lakh will have to pay a fine of Rs 1,000. On the other hand, a taxpayer with an annual income of more than 5 lakhs has to pay a penalty of Rs 5,000. Apart from this, under section 234A of the Income Tax Act, the taxpayer also has to pay interest on tax.

If you filed a return but made a mistake in it, then you are allowed to file a revised return.

How to file ITR
Just like filing a normal return, you have to file a late return. To file this too, you have to go to the e-filing portal.

Go to the e-filing portal and log in with the help of ID and password.

After logging in, you have to select the ITR form based on your annual income.

After this, you have to select the assessment year and provide information like income details, deductions, and tax entered.

After giving all the information, you have to crosscheck and submit it.

After filing the ITR, you must verify it. If you do not do this, your return will be considered invalid. Taxpayers can verify their returns online through Aadhaar OTP, or Netbanking. Apart from this, taxpayers also get the facility to verify their returns offline.