The deadline for filing your Income Tax Return (ITR) for the Financial Year 2023-24 was July 31. Since this date has passed and the deadline wasn’t extended, you will face extra charges if you file your return now, up until December 31, 2024.

If you miss the deadline, you might face penalties and fines and could be subject to an audit. A late ITR is called a belated return.

Here’s what you need to know about the penalties:

• If your taxable income is over ₹5 lakhs, the penalty for a late return can be up to ₹5,000.
• If your taxable income is below ₹5 lakhs, the penalty is up to ₹1,000.

Besides penalties, there are other disadvantages:

• New Tax Regime: If you file late, you can only use the new tax regime, which offers fewer deductions and exemptions compared to the old tax regime.
• Carry Forward of Losses: You won’t be able to carry forward losses from investments, which means you might pay more tax in the future.

If your income is below the basic exemption limit, you can still file your ITR to get a refund without facing penalties.