ITR Filing 2024: July 31 Deadline Is Not For These People, Check All Details Here

[ad_1]

Income Tax Return Filing Last Date of July 31 Is Just 3 Days Away. (File Photo)

Income Tax Return Filing Last Date of July 31 Is Just 3 Days Away. (File Photo)

It’s crucial to remember that filing your ITR after the due date will result in a penalty. The amount of the penalty depends on your income level.

While the standard deadline for filing Income Tax Returns (ITRs) is typically July 31st, the Income Tax Department offers extended filing dates for specific categories of taxpayers. This includes individuals and businesses that require additional time to complete their financial records.

Who Can File ITR After July 31?

  • Individuals and businesses requiring an audit: These taxpayers have until October 31st to file their ITR. This extension allows them sufficient time to complete the audit process with a Chartered Accountant.
  • Businesses involved in international transactions: These entities often need extensive documentation and analysis for transfer pricing. They have an extended deadline of November 30th.

It’s crucial to remember that filing your ITR after the due date will result in a penalty. The amount of the penalty depends on your income level.

If you missed the July 31 deadline for filing your Income Tax Return (ITR), you can still file a belated return. Here are the details and important dates to remember:

Belated Return

  • Last Date: You can file a belated return up to December 31 of the assessment year. For the financial year 2023-24 (assessment year 2024-25), the last date to file a belated return is December 31, 2024.
  • Penalty: A penalty of up to Rs 5,000 may be levied if you file your ITR after July 31 but before December 31. For taxpayers with a total income of up to Rs 5 lakh, the penalty is limited to Rs 1,000.

Steps to File a Belated Return

  • Visit the Income Tax Department’s e-filing portal: Income Tax Department e-Filing
  • Login/Register: Use your PAN as the User ID.
  • Choose the relevant form: Select the appropriate ITR form based on your income sources.
  • Select the Assessment Year: Ensure you select AY 2024-25 for the financial year 2023-24.
  • Fill in the details: Enter your income details, claim deductions, and calculate the tax payable.
  • Pay the Tax: Pay any outstanding tax, along with applicable interest and penalties.
  • Submit the Return: Verify and submit the return online. You can use an Aadhaar OTP, EVC via net banking, or send a signed physical copy of ITR-V to CPC, Bengaluru.
  • Filing your ITR even after the due date helps avoid higher penalties and keeps you in compliance with tax regulations.

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *