A late fee of ₹1,000 will be charged to individuals whose annual salary is less than ₹5 lakh, and a late fee of ₹5,000 will be imposed on those whose annual salary exceeds ₹5 lakh. Certain taxpayers, however, are allowed to file their taxes after the July 31 deadline.
The deadline to submit your Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. Filing your ITR after this date will incur a penalty, which varies based on your income level. Many people are curious about who is allowed to file their ITRs even after the due date.
The deadline for filing ITRs has been extended to October 31, 2024, for individuals and businesses whose accounts require auditing. The purpose of this extension is to give you enough time to finish the audit and file your ITR. The Income Tax Department grants these individuals an extra three months to complete their audit with a recognized chartered accountant before filing their ITR.
Certain categories of taxpayers are granted additional time to file their ITRs. These include:
The requirements to be eligible for these extensions can be complex and rely on particular sections of the Income Tax Act. In some cases, late filing fees may still be applicable even with extended deadlines.
Your taxable income determines the penalty for filing an ITR after the deadline:
In addition to any interest owed on the amount of unpaid taxes, there is also this penalty. Extended filing deadlines are permissible for businesses that are subject to specific conditions, such as audit requirements or involvement in international transactions. However, there are still situations in which late filing penalties might be necessary.
Many taxpayers find the various taxation deadlines and guidelines confusing. The Income Tax Department has made notable progress in enhancing taxpayer services, including providing 24/7 assistance through multiple channels to ensure greater convenience.
This improves accessibility by letting taxpayers get help whenever they need it, no matter where they are or what time zone they are in. Quick problem solving reduces anxiety and annoyance, and taxpayers can choose the communication channel that best suits their needs.
Source: https://www.livemint.com/money/personal-finance/itr-filing-deadline-who-can-file-income-tax-return-after-july-31-2024-income-tax-department-11722013525676.html
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