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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
A belated return is filed under Section 139(4) of the Income Tax Act if the original deadline is missed. Taxpayers filing belated returns are required to pay a penalty of ₹5,000. However, the penalty is limited to ₹1,000 for those with taxable income below ₹5 lakh.
No penalty is applicable if the income is within the basic exemption limit of ₹3 lakh.
Failing to file a belated return by the deadline may lead to the loss of claims for refunds, deductions, or tax credits for the assessment year.
After December 31, taxpayers may only file an updated return, which is subject to additional conditions, including a tax liability.
Delays could also result in higher interest and penalties if the tax department raises a notice.
Impact on tax regime options
Filing a belated return for FY 2023-24 requires taxpayers to follow the new tax regime, which became the default system from April 1, 2023.
The old tax regime, which offers deductions and exemptions like Section 80C and HRA, cannot be opted for when filing belated returns.
Under the new regime, available deductions are limited to:
- A standard deduction of ₹50,000.
- Employer contributions to the National Pension System (NPS) up to 10% of basic salary.
This change may impact taxpayers who previously relied on the old regime’s benefits to lower their taxable income.
Correcting errors with a revised return
A revised return allows taxpayers to address errors or omissions in their original or belated ITRs. This includes unreported income, missed deductions, or incorrect account details.
Filing a revised return ensures accurate reporting and helps avoid future complications.
First Published: Dec 20, 2024 10:04 AM IST
