Income-Tax Returns (ITRS) for the assessment year 2024-25 had to be filed by July 31, 2024. If you missed the deadline, the Income-Tax (I-T) Act allows you to file a belated ITR.
"If, for any reason, you missed filing your ITR by the due date, you may still file a belated ITR up to three months before the end of the assessment year or before the end of the assessment, whichever is earlier," says S. R. Patnaik, partner (head-taxation), Cyril Amarchand Mangaldas.
A belated ITR for FY24 may be filed by December 31.
Stay compliant Submitting a belated ITR helps you stay compliant with tax regulations and avoid legal issues. It can also help you avoid heavy penalties and notices from the tax department.
"Despite some additional penalties and interest, it provides taxpayers an opportunity to regularise their noncompliance. They still retain the right to claim a refund if they are eligible according to their computation and ITR, even if they did not file by the actual due date," says Ritika Nayyar, partner, Singhania & Co.
Bu hikaye Business Standard dergisinin August 05, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin August 05, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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