Filing income tax returns online is not an option but a mandate for those who have taxable income. Income Tax Filing on timely basis helps complying with Income Tax regulations and thus contributing to nations growth and development. If you want to file your income tax return online, you first need to visit Income Tax Portal online. If you are first time income tax return filer, then you also need to register on the Income Tax Portal using your PAN and Aadhar Details. Once you are registered on IT portal, you can login and file your Income Tax Return. ITR submission should be done on or before due date of income tax return to avoid late fees and penalties.

Income Tax Return is filed in India on an annual basis by those persons who have an income more than the tax exemption limit. It is expected by the Government that you file your IT return before the deadlines. If you miss the deadlines for ITR, you might face late fees and penalties. This blog brings before you certain crucial information about filing of income tax return.

ITR File Charges & Penalty for Late Filing of ITR

Underreporting of Income: In case you underreport income in the Income tax return, the Income tax officer may impose a penalty of 50% of the tax unpaid. In addition, you will have to pay additional interest on unpaid amount of tax. Thus, underreporting of income comes with severe penal consequences.

Misreporting of Income: In case of misreporting of income in the ITR filed online, the Income Tax Officer may impose a penalty of 200% of the tax evaded. In addition, you will have to pay additional interest on the amount of tax evaded.

Effect of late filing of ITR- No Carry Forward of Losses allowed

Restriction on carrying forward losses: If income tax return filing is done beyond the due date of filing ITR, losses arising during the year can not be carried forward for set-off in future years. There is only one exception in this rule.

House Property losses can be carried forward:

As an exception, Losses arising under the head House Property can be carried forward even if the ITR is filed after the due date.

Learn more about Income Tax on House Property

Interest charges for Late Filing ITR

As per Section 234A of the Income Tax Act, interest is chargeable at 1% per month or part of the month on the tax due, until the tax remains unpaid. For FY 2023-24 (AY 2024-25), interest under section 234A becomes applicable from 1^st August 2024.

Therefore, income tax return filing should be done before the deadline if you wish to avoid penal interest under section 234A or late fees.

What are the consequences of filing ITR after due date?

In case of failure to file online Income Tax Return (ITR) before the due date, you might face severe consequences. Such consequences are not only limited to late fees or penal interest but may also include the following:

Prosecution Proceedings: If the Income Tax Officer feels that the taxpayer has deliberately failed to file ITR return online even after his notices, he may initiate prosecution proceedings against him.

Imprisonment: In case of severe tax evasion cases besides late filing penalties, the defaulting tax-filer may be imprisoned for a period of 6 months to seven years.

What is the deadline for Filing ITR for AY 2024-25?

For AY 2024-25, the due date for filing ITR online is 31^st July 2024 in non-audit cases. In audit cases, the due date of filing Income Tax Return online is 31^st October 2024. In case of failure to file ITR by this deadline, penalty or late fee under section 234F shall be liable to be paid.

Important due dates to remember for ITR filers for FY 2023-24

Process of Registering on ITR portal online

• Step-1: Visit the e-filing portal of Income Tax Department and click on ‘Register’ button
• Step-2: Enter your PAN details and click on ‘Validate’. If PAN is already registered, a pop-up message will be displayed else click on ‘Continue’ button.
• Step-3: Enter the basic details namely First Name, Middle Name and Last name as per the PAN database, your Gender, Residential status and click on ‘Continue’.
• Step-4: Enter other details namely Address, Mobile Number and Email-id and click on ‘Continue’.
• Step-5: Enter the OTPs send on registered email ID and Mobile number entered by you and click on ‘Continue’.
• Step-6: Verify the details entered by you. If any wrong details are identified rectify it. If details entered are found to be correct, click on ‘Confirm’.
• Step-7: Create a password and re-enter the same password and confirm.

Once the registration is complete, you are now all set to file your ITR online. Filing ITR online before due date is quite crucial to avoid late fees of filing ITR or penalties. Non-filing of ITR comes with other serious consequences as discussed above. Though in some cases filing of ITR in physical form is also allowed but opting for filing ITR online is a wise decision to complete ITR filing without hassles and within time.

Frequently Asked Questions

How to file Income Tax Return (ITR)?

ITR filing these days has become very easier. Thanks to digitization, now you can file ITR online on Income Tax Portal by filling a simple form and submitting necessary income and deduction details.

What is the basic exemption limit for ITR filing online?

There are two distinct tax regimes for ITR filing online. In case of New Tax Regime, the basic exemption limit for individuals below 60 years of age is Rs. 3 Lakhs. If you opt for old regime, the basic exemption limit is Rs. 3 Lakhs.

Learn more about Income Tax Return Filing

What are the documents required for filing income tax return?

For filing of ITR online as an individual, you need to have the following information ready as below:

• PAN Card
• Aadhar Card
• Form-16
• Bank Statements
• Proofs of all deductions to be claimed like LIP, NSC, ELSS, Medical Insurance Premium etc.

Documents required could vary case-to-case depending upon the type of tax-filer, nature of his business or profession.

Consult a tax expert to file your ITR return online on or before the due date to save yourself from penalties or late fees.

For our express ITR filing services mail at: support@taxwink.com or click on the following link:https://www.taxwink.com/service/income-tax-return-filing