New Delhi: ITR Filing 2020-4 deadline of July 31, 2024, was the last date for taxpayers to file their income tax while avoiding a penalty for late filing. Further, those who missed filing their ITR by July 31, 2024, will not be able to file their tax returns under the old tax regime which allows deductions for HRA, Section 80C investments, interest paid on home loans, insurance premium payments and more. However, certain taxpayers remain exempted from paying a penalty even if they file an ITR after July 31, 2024.
Which taxpayers are exempted from late fee on ITR delay?
The following categories of taxpayers will not have to pay any penalty even if they file their ITR after July 31, 2024:
Taxpayers whose income is entirely exempted from taxation and who do not have any other taxable income
Taxpayers who file an ITR despite not being required to do so by law are also exempted from penalty
Taxpayers whose only source of income is from agriculture
Taxpayers who come under the purview of income tax audits are also exempted since the ITR filing deadline for individuals and businesses who fall in this category is October 31, 2024.
What happens to regular taxpayers after July 31?
Taxpayers eyeing ITR filing after July 31, 2024, will have to pay a penalty of Rs 5,000 if their taxable income exceeds RS 5 lakh
Taxpayers whose taxable income is less than Rs5 lakh will have to pay a penalty of Rs 1,000
Under Section 234A of the Income Tax Act, taxpayers will have to pay 1 per cent per month as interest on the total taxable income for every month of delay after the July 31, 2024, ITR filing deadline.
Taxpayers who file belated ITRs will be eligible for refunds
If taxpayers fail to file their ITR, they may be liable to imprisonment from 3 months up to 7 years and a fine if they owe more than Rs 25,000 tax.
ITR Filing Penalty 2024: While the July 31, 2024, Income Tax return filing deadline is over, certain taxpayers will not be charged a penalty for late ITR filing. Here’s why Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
