"Missed the ITR Deadline? No Worries!" Didn’t file your income tax return yet? The window to file a belated return for FY 2023-24 is open until 31st December 2024
File now—it’s quick, simple, and stress-free!
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"Trusted Tax Solutions, Just in Time!" Meet CA Anshul Thakur, your go-to expert for income tax returns. With over 11 years of tax consulting experience, Anshul has a proven track record of helping clients file their income tax return. His expert guidance ensures a smooth, stress-free process—even if you’ve missed the deadline. Stay compliant and worry-free with us and let us handle your taxes with confidence and ease.
There are a lot more benefits of filing ITR which we all don't know.
Claim refunds for excess taxes paid, quickly and easily.
Boost eligibility by showcasing financial responsibility through returns.
Improve chances for approval by showing stable financial history.
Strengthen visa applications with proof of consistent income reporting.
Better rates with accurate income documentation through tax returns.
Avoid legal troubles by fulfilling tax obligations on time.
Introducing CA Anshul Thakur, your reliable partner for income tax returns. With more than 11 years of expertise in tax consulting, Anshul has a strong reputation for simplifying tax filing for his clients. Even if you're late in filing, his professional support ensures a seamless and worry-free process
Anshul has always asked our clients to Trust us to handle your taxes efficiently, so you can stay compliant and focus on what matters most.
1. Income Tax Return Filing Overview
Filing your Income Tax Return (ITR) is a legal obligation for individuals, businesses, and entities with taxable income in India. Timely filing ensures compliance, facilitates claiming refunds, and helps avoid penalties. The due date for filing ITR for FY 2023-24 (AY 2024-25) was 31st July 2024 for individuals. If you missed this deadline, you can still file a belated return 31st December, 2024. ________________________________________
2. Belated Return Filing (Section 139(4))
A belated return allows taxpayers to file their ITR after the due date but before the specified deadline. For AY 2024-25, the last date to file a belated return is 31st December 2024. Filing a belated return helps avoid severe consequences like notices or prosecution.
Key Points to Remember:
• Deadline: 31st December 2024.
• Eligibility: Individuals, businesses, or entities who missed the original due date.
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3. Penalty for Late Filing of Income Tax Return (Section 234F)
Filing your ITR after the due date attracts a penalty under Section 234F:
• Income up to ₹5,00,000: Penalty of ₹1,000.
• Income above ₹5,00,000: Penalty of ₹5,000.
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4. Interest on Late Filing (Sections 234A, 234B & 234C)
In addition to penalties, interest is charged on unpaid taxes under the following sections:
• Section 234A:
Interest at 1% per month or part thereof on tax due from the original due date until the actual filing date.
• Section 234B:
Interest at 1% per month if 90% of the total tax liability is not paid by the due date.
• Section 234C:
Interest on deferred advance tax payments, charged quarterly.
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5. 87A Rebate (AY 2024-25)
Under the new tax regime for FY 2023-24 (AY 2024-25), individuals with a net taxable income of up to ₹7,00,000 are eligible for a rebate under Section 87A.
Key Details of the Rebate:
• Eligibility: Individuals with net taxable income up to ₹7,00,000 under the new tax regime.
• Rebate Amount: 100% of the tax payable or a maximum of ₹25,000, effectively reducing the tax liability to zero.
(Only for those who have not filed Till Now)
Who want credit cards, high-limit credit cards always need ITR as income verification, impacting eligibility if not filed. (Example: AMEX requires last 3 consecutive years ITR).
Who wants refunds. Filing a belated ITR ensures you can claim and receive any eligible tax refunds from the government.
Who want loans, banks require ITR as proof of income to approve loans, making filing crucial for loan applications.
Individuals filing for the first time should not delay, as timely filing builds a strong financial record.
Those who haven’t filed yet must file ITR to stay compliant.
Those who want to maintain financial credibility should not miss filing, as 3 consecutive returns are crucial for many approvals.
A belated return is an income tax return filed after the due date but before the end of the assessment year or any specified deadline, such as 31st December 2024 for AY 2024-25.
Any individual, business, or entity that missed the original ITR filing deadline can file a belated return.
The last date to file a belated return for AY 2024-25 is 31st December 2024.
Penalties range from ₹1,000 to ₹5,000 depending on your income. Interest on tax dues may also apply.
Yes, you can claim tax refunds when filing a belated return, but the process may take longer.
Only losses under the income from house property can be carried forward. Business or capital losses cannot.
Yes, you should have a PAN, an income tax account, and your Aadhaar card should be linked with your PAN. Else other documents related to filing are also required.
Yes, if your income exceeds the taxable limit, you must file a belated return to stay compliant and avoid penalties.
Common documents include Form 16, bank statements, investment proofs, TDS certificates, and other income-related documents.
My Tax e-Filing offers expert guidance, document support, on-call assistance, and a hassle-free filing process to ensure accuracy and compliance.
No, once the payment is completed, refunds are not applicable as per our policy.
In case of any payment failures or transaction issues, please contact us at help.mytaxefiling@gmail.com for assistance.
Yes, you will receive a confirmation email along with a detailed computation PDF once your filing is completed.
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