Missed July 31 deadline for filing ITR? File belated return by December 31

But you will have to pay a late fee, interest, and won't be able to carry forward business and capital losses

The deadline for filing the income-tax return (ITR) for assessment year 2023–24 was July 31, 2023. However, for those who missed the deadline, there is still a chance to make amends. The Income-Tax (I-T) Act provides an opportunity to file what is called a belated ITR.

Says Pallav Pradyumn Narang, partner, CNK, “If an assessee who is required to file an ITR under Section 139 of the I-T Act, 1961, misses the deadline, she can file a belated return by December 31, 2023.”

Stay compliant

Filing a belated return enables you to stay compliant with tax regulations and avoid legal