Today is the last day for ITR filing for the fiscal year 2023–2024 if you haven’t already. If you file your income tax return (ITR) after the deadline, you will be penalized. You have till midnight to file your return if you also wish to avoid any penalties of any kind. July 31, 2024, is the deadline for reporting taxes for 2023–2024. The CBDT has been asked to extend the deadline for filing income tax returns to August 31 by the All India Federation of Tax Practitioners (AIFTP).
Additionally, there can be legal repercussions.
Not filing an income tax return can lead to a penalty being imposed on you and you may have to face legal consequences. By ITR filing, you can avoid any kind of complications in the future. People whose taxable income is less than the income tax exemption limit file ITR only to get a refund. Such people do not have to pay any kind of penalty for filing returns late.
In this instance, the penalty is Rs 1000.
The highest penalty for taxpayers reporting their ITRs after the deadline of a financial year is Rs 1,000 if their income is Rs 5 lakh or less. For late filing of taxes, individuals earning over Rs 5 lakh in the fiscal year 2023–2024 may be subject to a fine of up to Rs 5,000. The Income Tax Department continually reminds people to file their ITRs on time because of this.
The Income Tax Department levies penalties for late filing of separate returns.
ITR is based on your earnings. However, the penalty varies according to your income. Everyone should file an ITR, regardless of whether they are covered by income tax or not. It tells how much you have earned in total during the last financial year. Filing ITR on time is good for you in many ways.
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