ITR filing 2024: The July 31 deadline for ITR filing is unlikely to be extended, as there has been no formal announcement from the finance ministry yet.
In the case of salaried taxpayers, the main source of income reported on the tax return would be salary income, and the number of trading transactions and resultant income would not be very significant
New Delhi,UPDATED: Jul 18, 2024 11:27 IST
Filing your income tax return (ITR) on time is crucial for several reasons. Missing the deadline can result in penalties and interest charges, ranging from a flat fee to a percentage of the tax owed, depending on how late the filing is.
By filing your ITR on time, you can avoid these unnecessary financial burdens.
Additionally, if you are eligible for a tax refund, filing your ITR promptly ensures that you receive your refund sooner.
Refund processing begins after the ITR is filed, so delaying the filing will only delay your refund.
If you are hoping that the ITR filing deadline will be extended, you might be disappointed.
The July 31 deadline is unlikely to be extended, as there has been no formal announcement from the finance ministry yet. The current due date for filing ITR for the financial year 2023-24 is July 31, 2024.
Can you file ITR after July 31?
You can still file your tax return even if you missed the deadline, but with a late fee. This is called filing a belated return.
The last date to file a belated return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024.
The fee for default in furnishing a return of income shall be Rs 5,000 if the return has been furnished after the due date prescribed under section 139(1). However, the fee is Rs 1,000 if the total income of an assessee does not exceed Rs. 5 lakh.
On top of any late filing fees, you’ll also owe interest on any unpaid taxes. This interest accrues from the original due date until the full amount is settled.
In addition to incurring penalties and interest charges, filing a belated return has other drawbacks. Missing the July 31 deadline means you cannot carry forward certain losses to future years.
Only losses from house property can be carried forward in the case of late filing. Under Section 276CC, if the amount of tax payable or evaded exceeds Rs 25,000, the penalty for late filing of income tax returns includes imprisonment ranging from 6 months to 7 years, along with a fine.
Filing income tax returns is the only way to claim a refund for excess taxes deducted. Additionally, just as interest is charged on overdue taxes, taxpayers are eligible to receive interest on refunds if they file their returns within the prescribed schedule.
The Income Tax Department may issue notices or initiate scrutiny proceedings for delayed or non-filing of ITR. Filing your ITR on time can minimize the chances of being subjected to such inquiries, saving you from unnecessary stress and potential legal consequences.
Published By:
Koustav Das
Published On:
Jul 18, 2024
English (US) ·