The deadline to file your Income Tax Returns (ITRs) for FY 2023-24 (AY 2024-25) is July 31, 2024. So, don’t miss out on paying your taxes. Failing to meet this deadline will lead to penalties and the loss of tax benefits.
Failing to file ITRs on time results in penalties under Section 234F of the Income Tax Act. Currently, a penalty of Rs. 5,000 applies to late filings, except for taxpayers with taxable income below Rs. 5 lakh, who face a penalty of Rs. 1,000.
Further, interest penalties may be imposed under sections 234A/B/C for delayed or deferred advance tax payments.
As per the Income Tax Act, individuals, companies, and other taxpayers must file their ITRs annually to report income and corresponding tax payments to the government.
The deadline to file an ITR depends on the type of income and typically stays the same each year unless extended by the government.
Deadline for Income Tax Return (ITR) Filing (AY 2024-25)
The due date of ITR filing for non-audit cases is July 31. Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) must finish their ITR filing by July 31, 2024.
Deadline for Businesses Requiring Audit Reports
Businesses, including one-person companies (OPCs), limited liability partnerships (LLPs), and private limited companies, which require audit reports must submit their income tax returns by October 31, 2024. However, it’s important to submit the audit report by September 30, 2024.
Deadline for Businesses Requiring Transfer Pricing Reports
Businesses that require transfer pricing reports must ensure that their income tax returns (ITRs) are filed by November 30, 2024.
Revised ITR Filing Deadline
The last date for submitting revised income tax returns is December 31, 2024.
Also Read: Section 80C: Use these tax-saving instruments to up your tax game for FY 2023-24!
Belated ITR Filing Deadline
If you miss the July 31, 2024, income tax filing deadline, ensure to submit a belated or late return by December 31, 2024.
As the deadline comes closer, taxpayers are advised to promptly file their ITRs to avoid penalties and protect their tax advantages. Remember, missing the deadline affects both immediate and future financial responsibilities.
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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before making any investment decision.
