Today, July 31, is the last day for individual taxpayers to file their Income Tax Returns without any penalty. After midnight one has to pay a penalty.
According to the Income Tax Department, more than 5.7 crore ITRs have already been filed.
The quantum of penalty for late ITR filing depends on the annual income of the taxpayer. If the income is more than Rs 5 lakh an annum, the applicable penalty is Rs 5,000.
Even if there is a delay by 1 day after July 31, the taxpayer has to pay Rs 5,000. There is no exception.
If the income is less than Rs 5 lakh a year, the penalty is Rs 1,000. But none can escape a penalty.
Last date for filing belated returns
The last date for filing a belated ITR is December 31, 2024.
Appeals for extending the last date
The portal for filing ITR was impacted by glitches for several days leading to bodies such as the All-India Federation of Tax Practitioners (AIFTP) requesting the Central Board of Direct Taxes to extend the last date from July 31 to August 31. The Institute of Chartered Accountants of India also urged the Income Tax Department for extension.
But there has been no response so far.
Tax rates for FY24
Last day ITR filers can have a quick glance at the income tax rates applicable for FY24.
From 0 to Rs 3,00,000: Nil
From Rs 3,00,001 to Rs 6,00,000: 5%
From Rs 6,00,001 to Rs 9,00,000: 10%
From Rs 9,00,001 to Rs 12,00,000: 15%
From Rs 12,00,001 to Rs 15,00,000: 20%
From Rs 15,00,000 and above: 30%
The exceptions
Only two categories of taxpayers are exempted from filing ITR by July 31, 2024. They are individual taxpayers if their accounts need to be audited. They can file ITR by October 31, 2024.
There is a second category of taxpayers for whom the last date is November 30, 2024. These are companies who have operations in different countries and for whom transfer pricing is involved and has to be taken into account while accounts are prepared. Transfer pricing is a complex issue and, therefore, the Income Tax Department allows this extra time to prepare the accounts.
Only a few hours are left for the deadline for filing ITR to expire. Individual taxpayers missing the deadline have to pay penalties. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
