ITR Filing: The last date for filing ITR is 31st July. If you file tax after the due date, then you will have to pay a penalty. But there is also a category for which a separate deadline is made. Know about it here-
ITR Filing: The last date for filing ITR is 31st July, that is, by this date you have to file tax at all costs. If you delay it, that is, if you file tax after 31st July, then you will have to pay a penalty. According to the rules of the Income Tax Department, if you file ITR after the due date, then you have to pay a penalty. But there is also a category for which a separate deadline is made. Know about it here-
First know how much penalty will be imposed after 31st July
If the annual income of an individual taxpayer is more than Rs 5 lakh, then on filing ITR after the due date, he will have to pay a late fee of up to Rs 5,000. If the annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee. But if you file the income tax by the due date of 31 July, then you can avoid the penalty.
Who can file ITR after 31 July?
For such businessmen or individuals whose accounts need to be audited, the deadline for filing ITR is different. These people can file ITR till 31 October. They are given an additional time of 3 months by the Income Tax Department so that they can get it audited by a recognized CA and then file their ITR.
They are allowed to file ITR till 30 November
It also gives exemption in filing ITR for certain types of transactions. If a business needs to apply transfer pricing report in its international transactions, then such business is given extra time to file ITR. Such people can file their returns till November 30. Apart from international transactions, such exemption is also given in certain types of domestic transactions.
