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youth financial problems ✌️【Fixed Income】✌️Invest with ₹500 and earn up to 100% monthly. Start growing your money now!Question: I am a trader dealing in steel products, and due to business-related challenges, I was unable to file my return of income for the Assessment Year 2024-25 before 31st July 2024.

Please note that there is no tax audit applicability in my case.

Is there a provision to file the return subsequently? Additionally, kindly provide details regarding any penalties or other consequences that may arise due to the delay.Taxpayers who fail to file their incometaxreturn (ITR) within the prescribed due date can utilize the provisions of Section 139(4) of the Income Tax Act, 1961 (“IT Act”) to file a belated return.

For individual taxpayers (not subject to Audit), the due date for filing the ITR for the financial year 2023-24 is 31st July 2024.

If this deadline is missed, the belated return can still be filed, but only until three months before the end of the relevant assessment year, i.e., by 31st December 2024, or before the completion of the assessment, whichever is earlier.Taxpayers should be aware that filing an ITR beyond the due date incurs penalties under Section 234F of the IT Act as follows:a) If the taxpayer’s total taxable income exceeds Rs.

5,00,000, a late filing fee of Rs 5,000 will be levied.b) If the taxpayer’s total taxable income is upto Rs 5,00,000, a reduced late filing fee of Rs 1,000 applies.Late filing of the ITR may also result in the taxpayer incurring interest liabilities under various provisions of the IT Act:a) Interest under Section 234A:-This applies when the taxpayer does not furnish the return within the stipulated due date under Section 139(1).youth financial problems Online Income Made Easy: Start Earning Today