Income Tax Filing 2024: If you miss filing ITR, then the Income Tax Department gives you another chance. You can file belated return till the end of the year i.e. till 31st December 2024.
Income Tax Filing 2024: It is necessary to file Income Tax Return (ITR) every year. This year the last date to file ITR for the financial year ending on 31 March 2024 is 31 July 2024. But, many times people get stuck in gathering important information related to income or filling the form and are unable to file the return on time. Even if you miss filing ITR (ITR Filing 2024), you do not need to panic, because the Income Tax Department gives you another chance.
You can file Belated ITR Filing till the end of the year, i.e. till 31 December 2024. However, you may have to pay a fine on this. Let us tell you that the penalty for delay in filing Income Tax Return is decided according to your income.
- If your income is less than Rs 5 lakh, then you will have to pay a fine of only Rs 1,000 for filing ITR late.
- If your income is more than Rs 5 lakh, then the fine for filing ITR late can be up to ₹5,000.
What are the other disadvantages apart from penalty?
If you do not file your return by 31st July, then apart from paying penalty, you may have to face many financial problems. You may also have to pay interest on unpaid taxes. At the same time, you may miss out on some benefits that are given to those who file their returns on time.
This rule comes under section 234A of the Income Tax Act. If you submit the return after the last date of filing, then 1% interest will have to be paid for every month (or part of a month) of delay. This penalty and interest is imposed to encourage taxpayers to pay taxes on time.
How to avoid penalty?
If you do not need to pay any tax and are filing return only to get refund, then there will be no penalty for late filing. However, to avoid penalty and hassle, try to file your ITR before 31st July every year.
