Deadline for 2024 ITR Filing: Penalties for Failure to File the 2024 ITR Filing.
To promote the timely submission of income tax returns, the department also sends out reminders.
A document that summarizes a taxpayer’s earnings
throughout a fiscal year is called an income tax return. An individual will pay a penalty if they neglect to file their income tax return. Different tax rates apply to different income groups according to the Income Tax Department. To promote the timely submission of income tax returns, the department also sends out reminders. Penalties and fines may result from non-compliance, such as omitting to file an ITR or not meeting duties. The deadline for individuals to file their Income Tax Returns (ITRs) for the fiscal year that ends on March 31, 2024, is July. However, filing ITRs can be a complex process, particularly for individual taxpayers who might struggle with the various schedules and disclosures required.
It might be difficult to compile
all the required data and keep track of last year’s costs, which frequently leads to deadline misses. As a result, many people would need more time to finish filing their taxes to prevent negative consequences from the Income Tax authorities. Taxpayers who miss the initial deadline may file a belated return by December 31 of the same calendar year, according to the Income Tax Department. Therefore, December 31, 2024, is the deadline for filing a belated return for AY 2024–2025.
Penalties for Postponed ITR
Depending on their income level, a taxpayer may be penalized for filing a delayed income tax return. If the income is less than ₹5,00,000, there is a penalty of ₹1,000; if the income is more than that, there is a penalty of ₹ 5,000. Additionally, late filers might face interest charges and lose certain benefits typically enjoyed by timely filers. A late filing penalty is imposed on persons who file their Income Tax Returns (ITRs) after the deadline, as per the guidelines outlined in section 234F of The Income Tax Act. From the Financial Year 2021 onwards, the maximum penalty for late filing has been reduced from ₹ 10,000 to ₹ 5,000.
Taxpayers should comply with the filing deadlines,
as failure to do so may lead to further fines and limitations imposed by the Income Tax Department, in addition to the late filing penalty. Small taxpayers can get some comfort as the late filing penalty is set at ₹ 1,000 for persons with a total income of INR 5 lakh or less. On the other hand, individuals with higher incomes may be liable to pay the full penalty of ₹ 5,000 if they fail to file their ITR within the specified deadline.
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