Can I file my Income Tax Return even If I have missed Income Tax Returns filling due date 31st of July.
Yes, If you miss the July 31st deadline, you can still file a belated return by December 31, 2024, but the following thing might have changed.
- New Tax Regime becomes default Tax Regime
- No Carry forward of Losses
- Late Filling fees U/s 234 F of ₹ 5,000 (or ₹ 1,000 if income is below ₹ 5 lakh)
- Interest will be charged at 1 per cent per month on outstanding tax amounts under Section 234A.
- Loss of interest on TDS refund @0.5% per month under Section 244A, as interest is calculated from the date of filing the return or the due date, whichever is later.