What happens if you miss the Jan 15 deadline for filing ITR?

If a person misses the extended deadline also because of genuine reasons then s/he can ask the Income Tax authorities to excuse the delay. But, if done wilfully, the taxpayer has to face penalties

Hyderabad: Missed the July 31 deadline for filing Income Tax Return (ITR)? You can still file a belated return on or before December 31 of the relevant assessment year.

Every year, the Income Tax Department extends the deadline. This time, the department extended the  deadline for ITR filing for financial year 2023-24 till January 15, 2025.

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But what if you missed this deadline too? Here is what you can expect

• If you missed the Jan 15 deadline because of genuine reasons, then you can ask the Income Tax authorities to excuse the delay.

• If a person has not paid the tax for FY 2023-24, s/he must pay the tax along with applicable interest, which is 1% per month from July 31, 2024, to the date of filing the ITR.

• Sometimes, if a person had paid his/her taxes on time but missed filing returns, in that case, s/he cannot file returns or apply for an excuse for delay. The Income Tax department may issue a notice for not filing an ITR. The person may have to pay a penalty of up to Rs 5,000 for missing the deadline.

• If the person fails to file a return even after issuing notices, the Income Tax officer can initiate proceedings for prosecution. Imprisonment can be for three months to two years with a fine.

• In case the tax a person owes to the department is higher, the prosecution period may extend to seven years.

• Losses incurred (other than house property loss) will not be carried forward to subsequent years.

• In case a person is entitled to receive a refund from the government for excess taxes paid, s/he must file the returns before the due date to receive the refund.

• If a person receives a notice from the Income Tax Department, s/he must respond to it on the Income Tax e-filing portal and file the ITR to comply with the notice.

• If a taxpayer provides false or misleading information about income, such as falsifying records or claiming unauthorised deductions, a penalty of 200% of the tax is imposed.

• A penalty of 50% of the tax is levied when a taxpayer discloses a lower income than their actual earnings.