Belated ITR: If you have forgotten to file income tax return for the financial year 2023-24 or have to make any correction in the filed return, then the last deadline for that is December 31. If you have not been able to file ITR on time, then you will have to pay a penalty of five thousand rupees while filing ITR before December 31. You will have to pay this penalty even if you do not have any tax due. If the taxable income is not more than three lakh rupees annually, then no penalty will have to be paid.

What happens if you miss the deadline?

If you forget the deadline of 31 December due to carelessness or compulsion or by mistake, then you may have to face the consequences. The first thing is that if you do not file income tax return in future, then you will lose all kinds of refunds. After this, you can only file an updated return, in which you can only tell that you are going to pay the tax liability. Even then, for missing the deadline of 31 December, you will have to pay tax and penalty along with fine.

What are the disadvantages of missing the original ITR deadline?

Let's assume that you are not able to file ITR on time, then you can file ITR till 31 December with penalty. But there are other disadvantages of missing the original date and filing ITR as per the deadline of 31 December. In such a situation, the taxpayer will not be able to adopt the old tax regime. Because the delayed return can be filed only under the new tax regime. Many types of deductions and exemptions are available in the old tax regime, which are not available in the new tax regime. These deductions and exemptions help the taxpayers in reducing the taxable income to a great extent.