ITR Filing 2024: The last date for filing income tax return is July 31. However, you can file belated ITR till December 31 with a penalty.
ITR Filing 2024: Filing Income Tax Return (ITR) is necessary, as it reflects the income of the taxpayer in the respective financial year. It is necessary to file it by the last date to avoid penalty. The last date for filing ITR for FY 2023-24 (Assessment Year 2024-25) is 31 July 2024. You have the option to file belated returns by December 31, 2024. However, this will attract a penalty. The penalty for delay in filing ITR in India varies depending on your income level. Let’s know.
For individuals with net taxable income exceeding ₹5 lakh for the financial year 2023-24 (assessment year 2024-25), filing a belated return may attract a penalty of up to ₹5,000.
The maximum penalty for filing belated ITR is limited to ₹1,000 for taxpayers with net taxable income of ₹5 lakh or less.
Individuals whose taxable income is below the basic exemption limit and who file ITR only to claim refund are exempted from the penalty for belated filing. Taxable income limit refers to the gross taxable income before applying deductions.
Why is it necessary to file ITR?
- Filing your income tax return is mandatory. Non-compliance can result in penalties and potential legal consequences.
- Ensuring your taxes are filed correctly can give you reassurance and prevent future complications.
- Timely filing of your return may make you eligible for specific tax benefits or refunds.
- In addition to penalties, interest may also accrue on any unpaid taxes from the initial due date to the date of payment. In some situations, late filing may result in the loss of opportunities for specific tax deductions or loss carry forwards.
