New Delhi: Filing Income Tax Returns (ITR) on time is crucial to avoid penalties and ensure compliance with tax laws. For the financial year 2023-24, the deadline to file ITR is July 31, 2024. If you miss this deadline, you can still file a belated return until December 31, 2024, but penalties apply based on your income level.
ITR: What is the penalty for late filing?
For individuals with a taxable income exceeding ₹5 lakhs, filing a belated return may incur a penalty of up to ₹5,000. Those with a taxable income of ₹5 lakhs or less face a maximum penalty of ₹1,000 for late filing. However, taxpayers below the basic exemption limit, filing solely to claim a refund, are exempt from late filing penalties.
Apart from penalties, interest under sections 234A, 234B, and 234C may apply on outstanding taxes from the due date to the actual date of payment. Additionally, late filing could lead to forfeiture of certain tax deductions and exemptions, potentially affecting your overall tax liability.
Can we file a belated return for AY 2023-24?
To file a belated return, you can use various online platforms or the Income Tax Department portal. It’s essential to gather all necessary documents, such as income proofs and investment details, to ensure accurate filing. If you miss the belated return deadline, you may request condonation of delay from the Income Tax Commissioner, stating genuine reasons for the delay.
Respond promptly to any notices from the Income Tax Department to avoid further penalties or legal consequences. Despite the flexibility of filing belated returns, it’s advisable to file by the original due date to avoid complications and ensure timely compliance with tax regulations.
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The deadline to file ITR for FY 2023-24 is July 31, 2024. Late filings incur penalties, with a maximum of ₹5,000 for incomes over ₹5 lakhs, and interest under sections 234A, 234B, and 234C. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
