Individuals who miss out on the deadline can still file their ITRs but will have to face some trouble. The ITRs filed after July 31 are called belated ITRs and individuals will have to pay a penalty and also miss out on some benefits while filing a belated ITR.
Here are three ways through which individuals can file their ITR:
1. Filing ITR through the income tax e-filing website
An individual can login to the income tax e-filing website to file their ITR.
Below is a step-by-step guide:
Step 1 – Go to the Income Tax e-filing website
Step 2 – Register or log in to the website
Step 3 – Enter the required details
Step 4 – Select the mode of filing
Step 5 – Select the status
Step 6 – Select the appropriate ITR form
Step 7 – If you select ITR 1
ITR 1 has five sections: personal information, gross total income, total deductions, tax paid, and total tax liability
Step 8 – If you select ITR 4
ITR 4 has six sections: personal information, gross total income, disclosures, total deductions, tax paid, and total tax liability
Step 9 – Summary of tax computation
Step 10 – Proceed to validation
Step 11 – Submit the ITR
On submission, the individual will receive an income tax acknowledgement on their email address
2. Filing ITR through a chartered accountant (CA)
An individual can get the ITR filed through a CA. The following documents are needed to be sent to the CA for ITR filing:
-Aadhaar card
-PAN
-Bank statement for the assessment of which you are filing the return.
-Details of savings/investments/donations, if any.
-If you are a salaried person, Form 16
-Bank details (bank account no, IFSC code, branch name, etc.) of all the accounts held by the assessee.
3. Filing ITR through websites such as ClearTax, Taxmann, etc
An individual can file their ITR through websites such as ClearTax, Taxmann, etc.
Below is a step-by-step guide:
Step 1 – Login to the website and click on ‘Start Filing’.
Step 2 – Link Your PAN
Step 3 – Pre-fill your personal information
Step 4 – Upload Form 16
Step 5 – Enter disclosure details
Step 6 – Submit ‘Self-Declaration’
Step 7 – Pay any pending tax
Step 8 – Make payment
What happens if you miss the ITR filing deadline?
If an individual misses the deadline, he/she can still file a belated return until December 31.
However, a late filing fee will be imposed. For individuals with a total annual income exceeding Rs 5 lakh, the late fee is Rs 5,000. For those with income below Rs 5 lakh, the late fee is Rs 1,000.
In addition to the late fee, an individual will incur penal interest on any tax amount due.
On missing the deadline, an individual can face drawbacks such as late fees, loss of interest on refund, penalties, and even prosecution and imprisonment in some extreme cases.