ITR: File income tax return within 10 days otherwise you will have to pay penalty, check details

ITR: The last date for filing late income tax returns is 31 December 2024. Filing returns after 31 December 2024 may result in a notice from the Income Tax Department and an additional penalty may also be imposed. Therefore, if you have not filed your income tax return yet, then complete it before 31 December 2024.

ITR: Only 10 days are left for the deadline to file Income Tax Return (ITR). If you fail to file income tax return by this date, you will have to pay a heavy penalty. The last date for filing income tax returns for the financial year 2023-24 (assessment year 2024-25) was 31 July 2024. If you have missed this date, the belated or revised return can be filed with a penalty till 31 December 2024.

Income Tax Department may send notice after 31 December

The biggest thing is that if you file income tax return after 31 December 2024, you may receive a notice from the Income Tax Department and may also be charged an additional penalty. Therefore, if you have not filed your income tax return yet, then complete it before 31 December 2024 to avoid possible penalty and legal action.

Penalty amount for filing income tax return

Late fee (late filing fee under section 234F)

• If you file return after 31 July (original deadline for income tax return) and by 31 December, then you will have to pay a late fee of Rs 5,000.
• If your total income is less than Rs 5 lakh, then you will have to pay Rs 1,000
• The last date for filing income tax return (with late fee) is 31 December.

Interest (under Section 234A of Income Tax)

• If you have not paid the tax on time, then 1% interest will be charged monthly on the remaining outstanding tax.
• If you are entitled to a refund, it will be delayed if you file your return late.
• Not filing the return on time increases the chances of getting an income tax notice.

Disadvantages of delay in income tax return

• If you do not file your return on time, you may also lose the right to file a revised ITR.
• Not filing the return on time can lead to fines and investigation by the Income Tax Department.
• If you do not file your return despite having taxable income, then it can be considered a crime.
• The Income Tax Department can give you a punishment of 3 months to 2 years and in big tax evasion cases, this punishment can be up to 7 years.

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