Mysuru:  With the insertion of Section 234F under the Income-Tax Act, 1961, it is levied a fee for delay in filing the Income-Tax Return, called Belated Return, for the Assessment year 2024-25 (FY 2023-24).

Any person who is earning Salary, Pension or any other income, who have not filed their Income-Tax Return for the FY 2023-24, shall file by paying a fee of Rs.5,000 on or before 31.12.2024. 

However, the fee payable is restricted to Rs.1,000 for small tax payers whose total income is less than Rs.5 lakh, which is arrived after allowing all deductions.

However, no fee will be applicable on belated return if the taxable income does not                                exceed the basic exemption  limit of Rs. 3 lakh.

Belated return is the last chance for the taxpayer to file the ITR and claim refunds. If the belated return is not filed, the person misses those claims and credits for assessment year 2024-25. On or after 1st January 2025 there shall be levied a late filing fee as additional tax and interest thereon.

Before filing the Income-Tax Return it is suggested to verify and report the transactions appearing in Annual Tax Statement (FORM 26AS), Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) wherever applicable

For detailed information reference may be made to the provisions of the Income Tax Act, 1961, the Income-Tax Rules, 1962, relevant circulars and/or notifications, according to N.D. Shreenivaas of Bhavani Associates, Mysuru.