Can I file return in old regime after due date?
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No, if you miss the original income tax return (ITR) filing deadline, you cannot opt for the old tax regime when filing a belated return.
Can I file an ITR in an old tax regime?
If a salaried individual wants to change the tax regime while filing an ITR, they can do it every financial year. Individuals who have selected the new tax regime for TDS the entire year can also change their tax regime to the old one while filing their income tax returns.
Is the old tax regime applicable after the due date?
Old tax regime not allowed: If you miss the original due date, you cannot opt for the old tax regime, even if it is more beneficial. You must file the belated return under the new tax regime, even if Form 10-IEA was filed earlier.
Can we file belated ITR in old regime?
No, you cannot choose your tax regime when filing a belated ITR. The default tax regime for the financial year 2024-25 is the new tax regime. So, you must file your ITR under the new tax regime.
What happens if I file an ITR after the due date?
If I fail to furnish my return within the due date, will I be fined or penalized? As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after due date specified under section 139(1).
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Can I file a tax return after the due date?
You might have to pay IRS penalties and interest if you file your federal income tax return after the April deadline, your due date isn't extended, and you end up with a tax bill. First, the IRS charges a 5% penalty per month on any tax due if your return is filed late. The penalty is capped at 25% of the tax owed.
Is there a penalty for a late tax return?
A fine of up to $1,650.
How much penalty for late ITR filing?
The penalty for late filing of ITR is Rs. 1,000 for income up to Rs. 5 lakhs and Rs. 5,000 for higher incomes, plus 1% monthly interest on unpaid tax.
Can I change my tax regime while filing an ITR after due date?
Yes, the employee must specify the tax regime he wants to choose for the employer. At the time of filing of ITR, they can switch the regime as per their wish and whichever is beneficial to them.
Can I file an ITR for past 3 years?
Frequently Asked Questions. Can I file itr for last 3 years now? Yes, you can file an updated return u/s 139(8A) by 36 months (3 years) from the end of the relevant assessment year. But you will have to pay an additional tax of 60% of the tax amount and interest.
Can I still use the old tax regime?
Salaried Individuals can switch between the two regimes every financial year when filing his/her tax returns. Individuals with Business Income can opt for Old Tax Regime only once and if this option is chosen, he has to file Form No. 10-1E on/before the date of filing the ITR.
Does NRI need to file ITR in India?
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
Is the due date for ITR extended?
Yes, the ITR due date was initially extended to 15th September, 2025. And it was later extended to 16th September, 2025, thereby making the return filing due date for FY 2024-25 16th September.
Can NRI opt for old tax regime?
Residents, as well as non-residents, have the same tax slab rates. Both have the flexibility to choose between the existing tax regime and the new tax regime slabs. Each option offers distinct advantages and understanding them can help you make an informed decision that aligns with your financial goals.
How much does a CA charge to file an ITR?
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/-
Is 12 lakh tax free for old regimes?
The Old vs New Tax Regime debate centers on tax slabs and deductions. Income up to ₹12 lakh is tax-free under the new regime, due to rebate. Beyond ₹25 lakh, the old regime is better if deductions exceed ₹8 lakh. Between ₹12 - 25 lakh, the choice depends on your deduction level.
Can we file late ITR in old tax regime?
Inability to Opt for Old Regime: If you have missed the due date for original return, you lose the option to file under the old regime, even if it is beneficial for you. You can file belated return only under the new regime, even if you have filed Form-10IEA before the due date.
Can I file a revised ITR after due date?
A revised Income Tax Return under Section 139(5) of the Income Tax Act allows taxpayers to correct any errors or omissions in an already filed ITR. If you have recently filed your return and later noticed a mistake, the Income Tax Department permits you to revise it, even after the original due date has passed.
Can I amend my tax return after due date?
Time limitations to amend
To receive a tax refund, an amended return needs to be filed by the later of: three years from the original due date of the return. three years from the date you actually file if after the deadline. within two years of paying tax for that year.
Can I file an ITR after 31 July?
According to Section 234F of the IT Act, taxpayers filing tax returns after the 31st July due date but before 31st December of the same year are liable to pay a maximum penalty of ₹5,000. If the ITR is filed after 31st December, the maximum penalty is ₹10,000.
Can a NRI file belated return?
Yes, NRIs can file a belated return if the original deadline is missed. For FY 2024-25, the belated return window remains open until 31 December 2025. However, late fees under Section 234F and interest under Section 234A will apply.
What happens if I file my taxes late and I am due a refund?
There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether.
How to avoid penalties for late tax return?
To avoid the late fee under Section 234F of the Income Tax Act, ensure you file your income tax return on time for the applicable assessment year. If you miss the deadline, you still have the option to submit a belated return by December 31st of the relevant assessment year.
What triggers an IRS audit?
Not reporting all of your income is an easy-to-avoid red flag that can lead to an audit. Taking excessive business tax deductions and mixing business and personal expenses can lead to an audit. The IRS mostly audits tax returns of those earning more than $200,000 and corporations with more than $10 million in assets.