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If you have missed paying taxes and filing your return within the due date, you can still file the belated return. However, a late-filing penalty or interest will be levied when the ITR is filed.
For FY 2025-26, the due date for non-audit NRI and Indian taxpayers is 3 July 2024, and for audit cases, the due date is 31st October for the relevant assessment year. You can easily e-file your income tax return with Savetaxs.
As a taxpayer, if you want to revise your originally filed income tax return, the same can be done by filing the revised return under section 139(5) of the Income Tax Act. The entire e-verification process must be completed while revising the return.
If you fail to file the income tax return within the due date, a belated return can be filed, but you will have to bear a penalty of up to Rs 5000, as the late filing fee will be charged for filing the belated return. If the person's total income is less than Rs 5 lakh, then the fee payable is Rs 1000.
Income tax audit is a line of inspection of an individual's entire accounting books to ensure that they are compliant with the regulatory framework of the Income Tax Act, 1961.