ITR Filing 2024 : The deadline for filing income tax returns is approaching. If you have not filed your ITR yet, it is very important to file it on time to avoid heavy penalties. If you do not file your ITR by 31 July 2024, you may suffer huge financial losses. The Income Tax Department has urged all taxpayers to meet this deadline. Filing your ITR on time offers several important benefits, which are important to note.
Last Date of Filing ITR
Of course! Filing your income tax return (ITR) is important as it reflects your income for the respective financial year. To avoid penalties, make sure to file it by the last date. For FY 2023-24 (assessment year 2024-25), the last date is July 31, 2024. You have the option to file a delayed return until December 31, 2024, but keep in mind that doing so will attract a penalty. The specific penalty amount varies depending on your income level.
Why is it necessary to file ITR?
It’s essential to file your income tax return as it is mandatory by law. Non-compliance may result in penalties and legal consequences. Correctly filing your taxes provides peace of mind and avoids potential issues down the line. Timely filing can also make you eligible for tax benefits or refunds that you might otherwise miss out on. Apart from penalties, interest may accumulate on any unpaid tax from the original due date until the date of payment. Delayed filing could also mean losing opportunities for certain tax deductions or carrying forward losses in specific situations.
How much fine will you have to pay?
Let us look at the details of the penalty associated with filing belated income tax return (ITR) for the financial year 2023-24 (assessment year 2024-25):
Filing your income tax return after the due date may result in penalties depending on your taxable income for the financial year 2023-24 (assessment year 2024-25). Individuals with a net taxable income exceeding ₹5 lakh could face a penalty of up to ₹5,000. For those with a taxable income of ₹5 lakh or less, the maximum penalty is capped at ₹1,000. However, individuals below the basic exemption limit who file ITR solely for claiming refunds are exempted from any penalty for late filing. The taxable income limit refers to gross taxable income before deductions are applied.
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