look news india
Deadline for filing ITR: Taxpayers are expecting that the date for filing income tax returns will be extended, so Central Board of Direct Taxes Chairman Ravi Agarwal clarified. The date for filing income tax returns will not be extended beyond July 31.
The last date for filing returns is July 31
Ravi Aggarwal told that the last date for filing returns for assessment year 2024-25 is July 31. Taxpayers who fail to file returns by July 31 will have to pay late fees and penalty.
He further said that till July 26, 5 crore taxpayers of the country have filed their returns. On July 25, 28 lakh taxpayers filed their income tax returns in a single day.
Taxpayers who miss the deadline will have to pay a late fee
He thanked the taxpayers who filed their returns till July 26. Taxpayers who have not filed their returns yet should file their returns before the due date. They should file their returns on time to avoid the last minute rush to file returns.
Taxpayers who miss the deadline to file income tax returns will have to pay Rs. 500 as late fee. Taxpayers whose total net income is less than Rs. 5 lakh will have to pay Rs. 1 thousand. Apart from this, they will have to pay interest at the rate of 12 percent per annum on the outstanding tax and one percent per month on the tax due. Penalty is being imposed on the outstanding tax under section 234A of the Income Tax Act.
