Filing ITR, or Income Tax Return, is an obligation for every person who has a PAN or Permanent Account number and income level above a certain level, type of income, whether he/she possesses assets in foreign lands etc. The last date for filing ITR for the last financial year (FY23-24) is long gone. It was July 31, 2024.
However, those who missed the original deadline had the option of filing a belated ITR. This deadline expires on December 31. However, one has to pay a penalty, the maximum amount of which is Rs 5,000, to file a belated ITR. The amount of the penalty depends on the level of income.
Deadline to file a ‘Belated ITR’
Those who are yet to file the ITR (Income Tax Return) actually have nothing more than 20 days to do so. It will be treated as a “Belated ITR”. Once this date is missed, one cannot file even a belated ITR. In fact, any individual who ignores the deadline of December 31, 2024 cannot file the ITR for FY24 unless the Income Tax Department asks it to do so.
Deadline to file a ‘Revised ITR’
Significantly, the last day of this year December 31 is also the last date to file a revised ITR. According to Section 139(5) of the Income Tax Act 1961, a ‘Revised ITR’ can be described as a new ITR which is submitted to the IT Department to replace a tax return submitted earlier. Any taxpayer, who wants to rectify mistakes if any is made in the original ITR can file a Revised ITR.
Can you afford to miss Dec 31 deadline?
The income tax rules are very strict with anyone missing the December 31 deadline. Actually, none can afford to miss this deadline. The reason: after missing this deadline, none can file ITR for FY24 unless the Income Tax department directs him/her to do so. Also note than an updated return can be filed with a hefty penalty that can run up to 50% of the income tax due to be paid.
For those who haven’t field their Income Tax Returns (ITR) for the last financial year yet, December 31, 2024 represents the last possible date to file it with penalty. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
