If you file ITR by 31 October, you can claim your refund. You can file ITR without any penalty. Filing ITR is a mandatory process.
The deadline for filing ITR has been fixed for those businessmen or individuals whose accounts need to be audited. They can file ITR by 31 October 2024. They are given three months extra time by the Income Tax Department, so that they can get the audit done by a recognized chartered accountant and then file their ITR.
Chartered accountant Hardik Jain told with media that those whose accounts have been audited or some people were partners, are in a partnership firm and that partnership firm has been audited, then the last date for filing ITR for that firm, partners, companies and those for whom audits have been done is 31 October. If you file ITR by 31 October, you can claim your refund. You can file ITR without any penalty. Filing ITR is a mandatory process. If there is a loss in your account book, that is, there is a loss in business, then the return for that loss should be filed before 31 October 2024.
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This is how you will get benefit
If the loss is incurred this year and there is a profit in the business next year, then this loss will be adjusted with that profit. Suppose this time there is a loss of 40 lakhs and next year there is a profit of 60 lakhs, then next year income tax will not have to be paid on the profit of 60 lakhs. There will be an adjustment of 40 lakhs. You will have to pay tax only on net 20 lakh rupees, for this it is necessary that whatever loss return is filed, it has to be filed before the due date. And there is no penalty either.
File ITR before 31 October 2024
If you file income tax return after 31 October till 31 December, then you will have to pay a fee of Rs 5000. The Government of India has not added the penalty to promote collection, instead the fee has been added. When you go to file the return, you have to deposit the fee in advance. To save fees and take advantage of the loss, it is very important to file ITR before 31 October 2024. For more information related to this, you can contact Chartered Accountant Hardik Jain on mobile number 9098984048.
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