Pending professional review. This content was drafted with Claude from official sources and has not yet been reviewed by an ArthaKara professional. Verify against the official sources before relying on it.
You can still file a belated return by 31 December, but a late fee of up to Rs 5,000 applies (Rs 1,000 if total income does not exceed Rs 5 lakh), along with interest on unpaid tax.
Detailed explanation
A belated return also means certain losses cannot be carried forward and the old regime may not be available if the option had to be exercised by the due date.
Applicability
All taxpayers
Exceptions
No late fee if income is below the basic exemption limit and filing is not mandatory.
Legal references
Sections 139(4), 234A, 234F, Income-tax Act, 1961
Applicable period
Recurring annually
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