Know about ITR Filing Deadline: Know about penalties and extensions
Know about ITR Filing Deadline: Know about penalties and extensions
The deadline to file your Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. Submitting your ITR after this date will result in a penalty, which varies depending on your income level. Many are curious about who can still file their ITRs after the due date.
Extended Deadlines for Certain Taxpayers:
Some taxpayers receive additional time to file their ITRs:
- Businesses involved in international transactions, which require detailed analysis and documentation for transfer pricing, have an extended deadline of November 30.
- Businesses engaged in specified domestic transactions that need detailed reporting and compliance may also qualify for an extended filing deadline.
The eligibility for these extensions depends on specific sections of the Income Tax Act, and in some instances, late filing fees may still apply despite the extensions.
Deadline for accounts requiring audit:
The deadline for filing ITRs has been extended to October 31, 2024, for individuals and businesses requiring account audits. This extension provides extra time to complete the audit and file the ITR. The Income Tax Department grants an additional three months to complete the audit with a recognized chartered accountant before submitting the ITR.
Penalty for Late Filing of ITR
Penalties for filing an ITR after the deadline are based on taxable income:
- A maximum penalty of Rs. 1,000 applies for taxable income up to Rs. 5,00,000.
- A maximum penalty of Rs. 5,000 is applicable for taxable income above Rs. 5,00,000.
Besides the interest on unpaid taxes, these penalties are enforced. Even with extended deadlines for businesses under specific conditions, such as audit requirements or international transactions, late filing penalties may still be necessary.
Enhanced Taxpayer Services:
Many taxpayers find the various tax deadlines and guidelines confusing. The Income Tax Department has significantly improved taxpayer services, offering 24/7 assistance through multiple channels for greater convenience. This enhances accessibility, allowing taxpayers to seek help anytime, regardless of location or time zone. Quick problem-solving reduces anxiety and frustration, and taxpayers can choose the communication method that best suits them.
