If you fall under the tax bracket for the financial year 2023-24 (AY 2024-25) and haven’t yet filed your Income Tax Return (ITR), it’s crucial to act quickly.
July 31 marks the deadline set by the Income Tax Department.
Penalties for Late Filings
Failure to file by July 31 incurs penalties based on your income:
- A penalty of Rs 1,000 applies if your income is below Rs 5 lakh.
- For incomes above Rs 5 lakh, the penalty increases to Rs 5,000.
The Income Tax Department emphasizes timely filing of returns.
Consequences of Late Filing
In addition to penalties, late filers may face:
- Interest charges
- Loss of certain benefits
It’s better to do it before July 31.
Filing Belated Returns
If you miss the July 31 deadline, you can still file a belated return by December 31, though penalties apply. It’s advised to comply promptly to avoid further complications.
This revision retains all information while adding clarity and structure with the required headings. If you need any adjustments, feel free to ask!
Opportunity for Late Filing
According to Chartered Accountant Sanjay Muniyal, individuals missing the July 31 deadline can still file a belated return until December 31, albeit with a penalty.
Additionally, late filers will face interest charges and may lose certain benefits.
According to Chartered Accountant Sanjay Muniyal, even if you miss the July 31 deadline, you can still file a belated return by December 31, albeit with a penalty.
