The deadline for filing Income Tax Returns (ITR) for the assessment year 2023-24 is approaching, and it’s July 31.
As of now, there’s no update on whether the deadline will be extended, so it’s crucial to file your ITR in advance to avoid last-minute rush and potential website issues.
Apart from the July 31 deadline, there are different due dates for various types of taxpayers.
Salaried taxpayers need to file their taxes by July 31, while those whose accounts require auditing or are partners in audited companies have until October 31.
If you miss these dates, you can still file a belated ITR with a penalty until December 31.
Remember, any return, be it the original, belated, or revised, can be updated within two years of filing.
Penalties for Late Filing
If your income is exempt, you won’t face any penalties for filing your ITR after the deadline, as per section 234.
However, for taxpayers who were required to pay taxes but didn’t file their ITR, section 234F imposes a penalty of Rs 5,000.
Those with an income less than 5 lakhs will have to pay a fine of Rs 1,000 for late filing.
Potential Legal Consequences
Failure to file taxes can lead to legal action and even imprisonment.
Tax evaders may face imprisonment for three months to two years. In cases of tax evasion above 25 lakhs, the punishment can extend up to 7 years.
As the ITR deadline looms, ensure timely filing to avoid penalties and legal troubles.
Stay updated with the latest information from the Income Tax Department to stay compliant with tax regulations.
