Missed the July 31 Deadline? No Worries! You Can Still File Your ITR with a Belated Return! learn more
Taxpayers who did not file their income tax returns on time, before the July 31 deadline, can file a belated return. Let’s learn more about this here.
If you missed the original deadline for filing your income tax return (ITR), you are not alone. Fortunately, you can still file a belated return, which is effectively a late submission of your ITR. Here’s a quick guide to walk you through the process:
Understand the Belated Return Concept
A belated return under Section 139(4) of the Income Tax (I-T) Act is one that is filed after the deadline. Taxpayers who failed to file a return on or before July 31 may file a late return.
People can file a belated return by December 31 of the applicable assessment year.
It is important to remember, however, that taxpayers who file belated returns are not exempt from the late filing penalty.
Eligibility for Filing a Belated Return
The good news is that there are no specific income thresholds or tax liabilities that restrict your ability to file a belated return. If you were initially required to file a return but missed the deadline, you are still eligible to submit a belated return.
When Filing an Income Tax Return (ITR) is Mandatory
To help you understand when filing an ITR is a must, here are some key conditions:
1.Income Threshold: If your total annual income exceeds Rs. 2,50,000, you are required to file an ITR.
2. Bank Transactions: If you have deposited more than Rs. 1 crore in a current account with a cooperative or regular bank during the financial year, filing an ITR is mandatory.
3.Foreign Travel Expenditure: If your spending on foreign travel surpasses Rs. 2 lakhs within the financial year, you must file an ITR.
4. Electricity Bill: If your total electricity bill exceeds Rs. 1 lakh, filing an ITR is required.
Filing Your Belated Return
If any of the above conditions apply to you, and you missed the original deadline, you can still file a belated return. Here’s what to do:
1.Choose the Correct Section: When filing your belated return, make sure to select Section 139(4) of the Income Tax Act. This section is specifically for belated returns.
2. Submit Your Return: Complete the form with all the required details and submit it through the official tax portal.
3. Pay Late Fees: Be aware that there might be late fees applicable, so check the latest guidelines for any penalties.
Filing a belated return ensures that you remain compliant with tax regulations and avoid further complications. Make sure to keep records of your submission and any related documents for future reference.
Additional Tips: Consult a Tax Professional: If you are unsure about any aspect of the process, get help from a tax specialist. They can offer helpful advice and guarantee that your late return is filed correctly.
Stay Informed: Keep track of any changes to tax regulations or deadlines to maintain compliance and prevent excessive penalties.
Filing a belated return may be daunting, but following these steps will help you navigate the process quickly and ensure that you satisfy your tax responsibilities.
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