Missed ITR Filing: Catch Up On Penalties

The IT department did not extend the July 31 deadline; income taxpayers must pay penalties

[{"selector":"#anim-c7b3717c-2a4c-4774-ba73-9b0357dcc2e1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-1c3aacfa-b5ce-425b-b788-6b3b4ebcbe2f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-94bbfa07-cb4c-4c2e-b464-2d9e780cdd64","keyframes":{"transform":["translate3d(0px, 62.60047%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-87d2e69c-dc91-4da3-b5be-a9bb46c4d0dc","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-47f4fca8-8f72-4d0d-b23e-85ac63a0f576","keyframes":{"transform":["translate3d(0px, 126.50151%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

As per Section 139(4) of the Income Tax Act, an ITR filed after the deadline is termed a belated return

[{"selector":"#anim-bad2e360-198a-4384-9154-04d6f1d0a973 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-14.078947535460173%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-91fbd353-a0f9-43c8-9f11-b00c6453ed16","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ee8c9fce-540c-4e11-8bbb-08dffc96ae0b","keyframes":{"transform":["translate3d(0px, 62.60047%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5d79ca60-7a8d-4478-9457-5d03581d7ef5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7b58caab-90e7-46c0-a0bd-7d59ed20b595","keyframes":{"transform":["translate3d(0px, 126.50151%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The penalties charged are as followed

[{"selector":"#anim-64ac106c-e8a0-4c7d-be25-2db735f508e9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-60165a0d-f6b8-4fca-a9bd-47ea11ec0727","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6cbf4641-da78-4e82-9de8-11af1db3c1e2","keyframes":{"transform":["translate3d(0px, 176.91193%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e02a2472-d3f3-44a8-b572-6f5bc6695ab7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ed52f770-4a2b-4de2-a6e9-1c3566936cda","keyframes":{"transform":["translate3d(0px, 50.47281%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Taxpayers with earnings exceeding ₹5 lakhs in Fy24 are subject to a penalty of ₹5,000

[{"selector":"#anim-a0c131b0-933f-4efa-a27b-08818d73cb02 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-cb0fb4af-cbad-4da4-aedd-c8828d6f90c5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e94e081d-7714-48f9-b95c-33ae10ca66e9","keyframes":{"transform":["translate3d(0px, 138.66367%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-420c8f21-118a-4b64-a730-8448aceba1ff","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22ace12c-e0c3-4e63-8ccf-6a28e7a20268","keyframes":{"transform":["translate3d(0px, 61.64176%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

For incomes below ₹5 lakh in FY24, the penalty on belated ITR will be ₹1,000

[{"selector":"#anim-1fd34e3a-3473-4dc5-9f4b-c30930dfaffd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(17.86932290619089%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a0caaaca-9435-4fd6-bb1b-c1ee6a115c93","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-43de9346-7b5a-4285-9b46-1d9df742cd1c","keyframes":{"transform":["translate3d(0px, 151.09127%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3232e8c0-f721-4d42-a5fa-f19b4e45f05d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ae2f79c2-5ce9-4e7f-a6b7-30db0e7b8bd7","keyframes":{"transform":["translate3d(0px, 50.53064%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Filing a belated ITR under the new tax regime restricts your ability to claim tax deductions and exemptions.

[{"selector":"#anim-a8ddee2c-5a36-4f4d-a8fc-2135c6fd0758 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(7.763157986842533%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ca090b35-e197-4629-9039-7ba54285db61","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66cc2412-504c-4c9f-8d7e-fd279016b375","keyframes":{"transform":["translate3d(0px, 138.66367%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6ed624a5-68a5-4d18-b6aa-88e754000179","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9ad2b34c-b35b-40f8-91bd-4406ea3e6e88","keyframes":{"transform":["translate3d(0px, 55.59887%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]