Wondering
can I file ITR after 31st July.
Yes, it is possible to file your Income Tax Return (ITR) in India after the due date of 31st July.
Can We File ITR After 31st July?
However, there are important considerations and potential consequences to be aware of:
If you miss the 31st July deadline, you can still file a belated return. For the financial year 2023-24, the last date to file a belated return is 31st December 2024. A belated income tax filing after 31st July means that you may have to pay a late filing fee and interest on any unpaid tax liability.
Under Section 234F of the Income Tax Act, a late fee is applicable. If you file your ITR after 31st July but before 31st December, a fee of Rs. 5,000 is levied. If the total income does not exceed Rs. 5 lakhs, the fee is reduced to Rs. 1,000.
Interest under Section 234A is charged at 1% per month or part of a month on the unpaid tax amount from the due date (31st July) until the date of filing the return.
If you have incurred any losses (except house property loss), they can only be carried forward if the return is filed within the due date. Filing after the due date disqualifies you from carrying forward certain losses to future years.
Filing a belated return can result in delays in processing and receiving any refunds due to you. Late filing can sometimes trigger compliance notices from the Income Tax Department, necessitating additional clarifications and paperwork.
If you discover an error after filing your return, you can file a revised return. For returns filed late, the window for revision is open until 31st March of the assessment year. This is all about
can we file ITR after 31st July.
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Authors Of The Question
Can we File ITR After 31st July?
Rishi
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3 months
2024-07-30T16:24:27+00:00 2024-07-31T15:07:03+00:00Comment
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