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Income Tax Filing 2024: It is necessary to file Income Tax Return (ITR) every year. This year the last date for filing ITR for the financial year ending on 31 March 2024 is 31 July 2024. But, many times people get stuck in gathering necessary 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), then you do not need to panic, because the Income Tax Department gives you another chance.
You can file belated ITR till the end of the year i.e. 31 December 2024. However, you may have to pay a penalty 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, the penalty for late filing of ITR can be up to Rs 5,000.
What are the damages other than the fine?
If you do not file your return by July 31, you may face many financial problems apart from paying penalty. You may also have to pay interest on unpaid tax. Also, you may be deprived of some benefits that are available to those who file returns on time.
This rule comes under Section 234A of the Income Tax Act. If you submit after the last date of filing the return, you will have to pay 1% interest 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 punishment?
If you do not have to pay any tax and you are filing the return only to get a refund, there will be no penalty for late filing. However, try to file your ITR before July 31 every year to avoid penalty and hassle.
