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Q.

Can we File ITR After 31st July?

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To answer your question: Can I file ITR after 31st July? Let me tell you that under Indian tax law, yes, you can file your Income Tax Return (ITR) after the 31st July deadline, by submitting a "belated return" under Section 139(4) of the Income Tax Act. This option remains open until 31st December of the relevant assessment year, or until the completion of any tax assessment whichever is earlier. For instance, if you missed 31 July 2024 for FY 2023 to 24, you could still file a belated ITR up to 31 December 2024, but penalties would apply.

Can We File ITR after 31 July?

When filing a belated ITR, you must select Section 139(4) during submission; the format and process mirror those of a regular return. It's important to note that after FY 2023 to 24, belated returns can only be filed under the new tax regime, meaning deductions and exemptions from the old regime no longer apply.

Filing late incurs penalties and interest:

  • Under Section 234A, interest at 1% per month (or part thereof) accrues on any outstanding tax from the original due date to the filing date.

  • Under Section 234F, late filing fees are capped at:

  1. Rs. 1,000 if total income ≤ Rs. 5 lakh

  2. Rs. 5,000 if income > Rs. 5 lakh

  3. No fee if income falls below the basic exemption 

A belated return still qualifies you for a tax refund, but there’s a catch: losses (like business or capital losses) cannot be carried forward, unless related to house property, which is eligible under separate rules. Also, key deductions and exemptions under sections like 80‑IA, 80‑IB, etc., are disallowed.

If you miss the December 31 deadline, you may still file an updated return (ITR‑U) under Section 139(8A), up to two years from the assessment year's end, though this comes with additional tax and interest penalties of 25 to 50%.

Get Assistance in Tax Assessments & Filing Via Advocates at NoBroker
1 2024-07-31T08:32:20+00:00

Wondering

can I file ITR after 31st July.

Yes, it is possible to file your Income Tax Return (ITR) in India after the due date of 31st July. 

Can We File ITR After 31st July?

However, there are important considerations and potential consequences to be aware of:

  • If you miss the 31st July deadline, you can still file a belated return. For the financial year 2023-24, the last date to file a belated return is 31st December 2024. A belated income tax filing after 31st July means that you may have to pay a late filing fee and interest on any unpaid tax liability.

  • Under Section 234F of the Income Tax Act, a late fee is applicable. If you file your ITR after 31st July but before 31st December, a fee of Rs. 5,000 is levied. If the total income does not exceed Rs. 5 lakhs, the fee is reduced to Rs. 1,000.

  • Interest under Section 234A is charged at 1% per month or part of a month on the unpaid tax amount from the due date (31st July) until the date of filing the return.

  • If you have incurred any losses (except house property loss), they can only be carried forward if the return is filed within the due date. Filing after the due date disqualifies you from carrying forward certain losses to future years.

  • Filing a belated return can result in delays in processing and receiving any refunds due to you. Late filing can sometimes trigger compliance notices from the Income Tax Department, necessitating additional clarifications and paperwork.

If you discover an error after filing your return, you can file a revised return. For returns filed late, the window for revision is open until 31st March of the assessment year. This is all about

can we file ITR after 31st July.

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