Belated ITR Filing: 5 disadvantages to face along with penalties
ZeeBiz WebTeam | Aug 03, 2024, 01:37 PM IST
Belated ITR Filing: The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 was July 31. However, you can still file a belated return under Section 139(4) of the Income Tax Act, 1961, until December 31. This comes with a penalty: a late fee of Rs 1,000 for annual incomes below Rs 5 lakh, and up to Rs 5,000 for incomes above Rs 5 lakh. Besides the penalty, there are several disadvantages to filing a belated ITR that many people may not be aware of. Here's what you need to know:
1/5
Inability to Carry Forward Losses
![Inability to Carry Forward Losses Inability to Carry Forward Losses](https://cdn.zeebiz.com/sites/default/files/2024/08/02/308915-15q.jpg)
2/5
No Interest on Refunds
![No Interest on Refunds No Interest on Refunds](https://cdn.zeebiz.com/ads/placeholder_image-zeebiz.jpg)
3/5
Payment of Penal Interest
![Payment of Penal Interest Payment of Penal Interest](https://cdn.zeebiz.com/ads/placeholder_image-zeebiz.jpg)
4/5
Delayed Refunds
![Delayed Refunds Delayed Refunds](https://cdn.zeebiz.com/ads/placeholder_image-zeebiz.jpg)