Can I still file returns?

The answer is yes, taxpayers can file returns by paying penalty. Let us tell you that interest is also charged along with penalty for filing returns late. If the return is not filed by 31 July 2024, then you can file the return by 31 December 2024.

Under section 234F of the Income Tax Act, the taxpayer has to pay a penalty. Taxpayers whose income is less than Rs 5 lakh will have to pay a fine of Rs 1,000. At the same time, taxpayers with annual income of more than Rs 5 lakh have to pay a penalty of Rs 5,000. Apart from this, under section 234A of the Income Tax Act, the taxpayer also has to pay interest on tax.