If one fails to submit a belated return by December 31, 2024, specific consequences apply.

ITR filing deadline: December 31, 2024, marks the final deadline for submitting belated and revised income tax returns for FY 2023-24 (AY 2024-25). Whilst various taxpayer categories have distinct ITR filing deadlines, the final date for belated and revised returns remains the same. Many individuals remain unaware of the implications of missing the December 31, 2024, submission deadline for FY 2023-24.

ITR filing: What are the consequences of missing the belated return filing deadline on December 31, 2024?

If one fails to submit a belated return by December 31, 2024, specific consequences apply.
Under Section 139(4) of the Income Tax Act, belated returns incur a Rs 5,000 penalty, regardless of outstanding tax amounts. A reduced penalty of Rs 1,000 applies for lower taxable income. However, individuals with income below the Rs 3 lakh basic exemption limit face no penalties.
Kinjal Bhuta, Secretary of Bombay Chartered Accountants’ Society, told ET, “Belated return is the last chance for the taxpayer to file the ITR and claim refunds and certain losses. If the belated return is not filed, the person misses those claims and credits for that assessment year. After the expiry of the filing of the belated return, only an updated return can be filed subject to the condition that there is a tax liability payable. Further, if no belated return is filed, the taxpayer shall have to face increased interests and penalties on the tax liabilities if a notice is sent by the income tax department.”
A significant limitation of filing belated returns for FY 2023-24 is the inability to select the old tax regime, as the new regime became default from April 1, 2023. Consequently, belated returns must follow the new tax regime.
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The old tax regime offered various deductions and exemptions unavailable in the new tax regime. These provisions helped reduce taxable income and subsequent tax obligations.
The new regime permits only two deductions: a standard deduction of Rs 50,000 for FY 2023-24 (AY 2024-25) and employer NPS contributions up to 10% of basic salary. Additional benefits like Section 80C, 80D, and HRA exemptions are not applicable under the new structure.

ITR filing: What if you miss the revised return filing December 31, 2024 deadline?

When a taxpayer needs to rectify errors in original or belated returns, they must submit a revised return. This allows corrections of various oversights, such as unreported income, unclaimed deductions, or omitted bank account details.
Bhuta says, “If the taxpayer misses the deadline to file a revised return, there is no other mechanism to file a revised return again for that assessment year and to claim refunds or losses. The income tax laws allow the filing of an updated return. However, the updated return cannot be filed in cases where the taxpayer has losses, it results in an increased refund, or the tax return has an effect of reducing the total tax liability as filed in the original or belated return. There are many other criteria as to when an updated return cannot be filed. So, if a taxpayer misses the revised return deadline, the only way in which any additional claim or credit can be requested is during the assessment proceedings. However, that is subject to litigation.”
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Whilst taxpayers can submit multiple revised returns, tax experts advise against frequent revisions as this could trigger scrutiny from the Income Tax Department.
Regarding intimation notices, Bhuta explains, “As per section 139(5) of the Income Tax Act, 1961, ITR can be revised only before three months before the end of the relevant assessment year or before the completion of assessment, whichever event happens first. The ITR can be revised even after an intimation has been received under section 143(1). However, once the ITR is processed under a regular scrutiny assessment under section 143(3), the same cannot be revised.”
For the financial year 2023-24 (AY 2024-25), taxpayers have until December 31, 2024, to submit their revised returns.