The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 was July 31, 2024.
If you missed this date, don’t panic. You can still file a belated return. However, there are consequences.
Penalties for Late Filing
- You must pay a penalty of ₹5,000 for late filing. This reduces to ₹1,000 if your total income is below ₹5 lakh.
- You’ll be charged interest on unpaid taxes from the original due date until full payment.
- You cannot carry forward most losses to future years, except for house property losses.
- The Income Tax Department can issue notices or start investigations for delayed or non-filing of ITR.
Belated Return Deadline: December 31, 2024.
The Income Tax Department may take action anytime after the deadline.
Filing your ITR on time saves you from unnecessary stress and potential legal issues.
Also Read: What is an Angel Tax?
What is an ITR?
An ITR, or Income Tax Return, is a form you submit to the Government of India. This form tells the government how much money you earned in a year. This also shows how much tax you have to pay on that money.
Every person earning money must file an ITR.
There are different types of ITR forms for different people, like
- Salaried workers
- Business owners
- Landlords.
By filing an ITR, you show the government that you are honest about your income and that you are paying the right amount of tax.
Also Read: Positive and Negative Impacts of Budget 2024
