July 17, 2024 | Business
The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is fast approaching. Taxpayers must file their ITR by July 31, 2024, to avoid penalties.
If the ITR is filed after the due date, penalties will be imposed. However, there is an opportunity to file ITR until December 31, 2024, with a penalty. The penalty amount depends on the taxpayer’s income.
Who Will Be Fined?
- For taxpayers with a net taxable income of more than Rs. 5 lakhs for the financial year 2023-24, a penalty of Rs. 5,000 will be imposed if the ITR is filed late.
- For taxpayers with a net taxable income of Rs. 5 lakhs or less, a penalty of Rs. 1,000 will be imposed for late ITR filing.
According to income tax department rules, individuals whose taxable income is below the basic exemption limit and those who file ITR solely for refund claims will not be required to pay any late penalty.
Filing an income tax return is mandatory, and failure to do so may result in penalties and potential legal action. Tax experts advise filing ITR on time to fulfill this important responsibility.
Taxpayers are encouraged to file their ITR by the deadline to avoid any complications and penalties.
