Скачать или смотреть ITR FILING AFTER DUE DATE AY 2025-26. LATE FEES , INTEREST INCOME TAX

This video discusses the consequences, benefits, and process of filing an Income Tax Return (ITR) after the due date for Assessment Year (AY) 2025-26.

1. Summary
The video, presented by CA Satbir Singh, explains what happens if an individual misses the ITR deadline (September 16th for non-audit cases for AY 2025-26) and how to file a "Belated Return" by December 31st [00:20].

Consequences of Late Filing (Belated Return):

Late Fees: A late fee of ₹5,000 applies if the total income exceeds ₹5 lakhs. If the total income is up to ₹5 lakhs, the late fee is ₹1,000 [03:11]. No late fee is charged if the income is below the taxable limit (e.g., ₹3 lakhs) [03:31].

Interest: Interest at 1% per month is charged on the tax due, starting from the day after the original due date [03:44].

Loss of Carry Forward: You cannot carry forward most losses (business, speculative, F&O, professional, or capital gain losses) to future years, except for the loss from house property [03:57].

New Tax Regime: The return must be filed under the new tax regime (old regime is not allowed after the due date) [01:46].

Benefits of Filing a Belated Return:

It allows you to claim any pending Income Tax Refund, TDS, TCS, or excess advance tax paid [00:47].

It helps avoid legal action and prosecution by the Income Tax Department for non-filing [00:53].

It ensures an accurate assessment, preventing the Income Tax Officer from making a Best Judgement Assessment [01:07].

How to File:
The belated return is filed under Section 139(4) of the Income Tax Act by logging into the e-filing portal and paying the applicable late fees and interest [04:33].


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