Income Tax Filing Deadline Extended to Jan 15: Late Fee Up to ₹5,000 Applies

Income Tax Filing Deadline Extended to January 15

The government has extended the deadline for filing delayed Income Tax Returns (ITR) from December 31 to January 15, 2025. Taxpayers now have until January 15 to file their ITR for the financial year 2023-24 with a late fee. The original deadline to file ITR without any late fee was July 31, 2024.

Late Fee for Filing ITR

If you have not yet filed your ITR for FY 2023-24, you can still file it by January 15 with a late fee.

• Income Below ₹5 Lakh: A late fee of ₹1,000 will be charged.
• Income Above ₹5 Lakh: A late fee of ₹5,000 will apply.
  

Steps to File Income Tax Return

1. Visit the official Income Tax Department website.
2. Log in using your PAN card number.
3. Choose the appropriate ITR form based on your income.
4. Select the Assessment Year as AY 2024-25 for FY 2023-24.
5. Fill in the required personal details and deductions.
6. Pay the applicable late fee of ₹5,000.
7. Submit and verify using Aadhaar OTP.
8. Alternatively, you can visit the Income Tax Office to submit the form and complete verification.
   

Consequences of Missing the January 15 Deadline

While filing a delayed ITR can help avoid notices from the Income Tax Department, there are several disadvantages to not filing your return by the original deadline of July 31:

1. Loss of Carry-Forward Benefit: Filing ITR before the due date allows you to carry forward losses to offset future income, reducing your tax liability in subsequent years. This benefit is lost if you file a delayed ITR.
2. Risk of Notices: The Income Tax Department collects income information from various sources. Failure to file ITR may result in notices being issued based on this data. Filing your ITR can help you avoid such complications.

Filing your ITR on time not only helps you avoid penalties but also provides long-term financial benefits. Ensure you meet the January 15 deadline to stay compliant and avoid unnecessary hassles.