Every year as the deadline for filing Income Tax Return approaches the question on many lips is, has there been an extension in the last date. This year has been no exception.
For you and me, there is not extension of deadline as yet. If the common taxpayer does not file ITR by July 31, he/she would be liable to pay a penalty of Rs 5,000 if the annual income is more than Rs 5 lakh.
The penal amount goes down to Rs 1,000 if the income is less than Rs 5 lakh.
Deadline Octoboer 31
However, there are a few categories of taxpayers for whom the deadline is October 31, 2024. There are both individuals and businesses who fall under this category.
Those whose accounts need auditing can, in fact, file income tax returns till October 31, 2024.
The reason is obvious: auditing needs time and the Income Tax Department wants to give them sufficient time for it. A qualified chartered accountant or a firm of accountants has to perform the audit before the ITR is filed.
November 30 deadline
There are some businesses for whom one more month after October 31 is allowed. Some businesses are often engaged in conducting cross-border transactions. In such a situation, they need detailed analysis and documentation. Documentation is needed for transfer pricing too if a company has different units located in different parts of the world.
Transfer pricing is referred to the price paid for goods or services transferred from one unit of an organisation to its other units situated in different countries. Properly accounting for all these require detailed analysis and, therefore, the Income Tax Department gives these organisations time till November 30, 2024 to file their ITR.
Get going on receiving Form 16
For individual salaried taxpayers, the submission of Form 16 by the employer to an employee should be the early signal for the tax filing season to have arrived. Since the ITR contains almost all the information regarding investments that an average salaried person makes for deduction of income tax, the job becomes easier even for those in the old tax regime after Form 16 has reached the employee.
If you have migrated to the new regime, ITR filing has become even easier. So waste no time after Form 16 has reached you.
There is a special category of taxpayers for whom the deadline of July 31, 2024, does not apply. They can file ITR for three more months. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
