Now this much fine will have to be paid for not filing ITR till the last date, know everything

Last date for filing Income Tax Return (ITR): Many people file their ITR on the last day. What if for some reason ITR cannot be filed on that day? Let's take a look at ITR deadlines, penalties for missing the deadline, common mistakes to avoid…

When is the last date for filing ITR?

The last date for filing income tax returns (ITR) for FY 23-24 (assessment year 2024-25) is July 31, 2024.

What happens if you miss the deadline?

Taxpayers who miss the July 31 deadline can still file delayed returns for FY 23-24/FY 24-25 till December 31, 2024.

What is the penalty for not filing income tax return by the due date?

Although you are allowed to file delayed ITR till the end of the year, you will have to pay a penalty ranging from ₹1,000 to ₹10,000 depending on the period of delay. You may also be deprived of certain deductions and may be subject to greater scrutiny by the Income Tax Department.

Who is required to file ITR?

• If the sum of your entire income/salary before deductions exceeds the basic exemption, you are required to file ITR.
• If you are resident in India for income tax purposes and own any property outside India or are a beneficiary of any property outside India, you are required to file ITR.
• You are required to file your ITR even if you are an authorized signatory to any account, fixed or movable, located outside India.
• If you have invested in shares, bonds or mutual fund schemes of foreign companies or you have employee stock options (ESOPS), you are required to file ITR irrespective of your income level.
• If you have paid electricity bill of more than Rs 1 lakh in the last year, you will have to file ITR, even if the electricity connection is not in your name.
• If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether the expenses are incurred by you yourself or by someone else, provided you have borne the expenses of the journey.
• If you have deposits of more than Rs 50 lakh in one or more savings accounts in the bank in your name or more than Rs 1 crore in one or more current accounts, you must file ITR.
• If the value of all sales of your business is more than Rs 60 lakh, you must file ITR.