You can file your ITR with a late fee until December 31st. If you haven't filed yet, here's how.

If your annual income is less than ₹5 lakh and you file a belated ITR now, you will have to pay a late fee of ₹1000. Those with an income of ₹5 lakh or more will have to pay a late fee of up to ₹5000.

Time is running out for those filing their Income Tax Returns for the financial year 2024-25. Taxpayers who did not file their returns by the due date have one last chance until December 31st. After this date, neither a belated ITR can be filed, nor any refund can be claimed. Those who delay may face penalties and legal complications. Let's explain how you can file your ITR with a late fee by December 31st.

How much is the late fee?

If your annual income is less than ₹5 lakh and you file a belated ITR now, you will have to pay a late fee of ₹1000. Those with an income of ₹5 lakh or more will have to pay a late fee of up to ₹5000. The last date to file returns without a late fee was September 16th. If the ITR is not filed after December 31st, your right to a refund will be forfeited, regardless of the refund amount. In addition, the Income Tax Department may send a notice, and the burden of interest and penalties may increase. Repeated delays also affect your tax record, which can impact future loans, visas, and financial transactions.

Process for filing a belated ITR

• To file a belated ITR, first visit the Income Tax website.
• Then log in using your PAN and Aadhaar number.
• Now go to the file option and select the Income Tax Return option.
• Then select the Assessment Year. Then click on online filing.
• Now select your category and also select the ITR form. After selecting the ITR form, verify your personal details. In the Filing Section, select 139(4).
• Now, carefully fill in your income details and deductions, then click on the submit button.
• After that, verify it using your email ID and OTP.

Difference between Revised and Belated ITR

Many people are unaware of the difference between revised and belated ITRs, which often leads to confusion. If you filed your ITR on time but later discovered an error, you can file a revised ITR. There is no late fee for this. However, those who file their return for the first time after the due date have to file a belated ITR, which incurs late fees and results in the loss of some tax benefits.