Delay Income tax return
This query is : Resolved
16 February 2024
sir,
What to do if return filing is delayed for any reason and 31st December passes.
What to do if return filing is delayed for any reason and 31st December passes.
16 February 2024
File updated return with payment of 25% extra tax.
16 February 2024
Yes I agreed with Mr CA R Seetharaman Sir...
Note: ITR U (updated return) will be file if any Tax liability arise.
17 August 2025
Section 234F Penalty:
Income ≤ ₹5 lakh → ₹1,000
Income > ₹5 lakh → ₹5,000
Filing after Dec 31 → penalty can increase, but capped at ₹10,000.
Interest (Section 234A): Applies at 1% per month on unpaid tax from the due date until filing.
Extended ITR Filing Date for FY 2024–25: Deadline is September 15—but tax must be paid by July 31 to avoid penal interest.
Revised ITR Timeframe: Can now be filed only up to 9 months from end of relevant AY, not 2 years.
Operational Penalties: Late filing delays refunds and forfeits loss carry-forward eligibility.
Future Relief: Income Tax Bill, 2025 proposes to waive penalties for late filers who are filing only to claim refunds, even if not mandatorily required to file.
Income ≤ ₹5 lakh → ₹1,000
Income > ₹5 lakh → ₹5,000
Filing after Dec 31 → penalty can increase, but capped at ₹10,000.
Interest (Section 234A): Applies at 1% per month on unpaid tax from the due date until filing.
Extended ITR Filing Date for FY 2024–25: Deadline is September 15—but tax must be paid by July 31 to avoid penal interest.
Revised ITR Timeframe: Can now be filed only up to 9 months from end of relevant AY, not 2 years.
Operational Penalties: Late filing delays refunds and forfeits loss carry-forward eligibility.
Future Relief: Income Tax Bill, 2025 proposes to waive penalties for late filers who are filing only to claim refunds, even if not mandatorily required to file.
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