How to file 'belated' ITR: Benefits, limitations, and step-by-step guide

Quick Summary:

The deadline for filing Income Tax returns (ITR) ends on July 31, likely prompting several people to scramble and complete the process.

Switching tax regimes is not allowed when filing a belated return.

The belated return will attract interest under section 234A and 234B on unpaid tax liability along with late fees.

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Category: BusinessFinance

Markets: India

Topics: Tax compliance ITR filing Direct Tax What is belated ITR Income tax return File income tax return India Tax ITR Filing Belated ITR Income Tax Tax returns Financial planning

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Article Type: News Report

Published On: 2024-07-26 @ 13:28:38 (4 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 617 words

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