Taxpayers should file tax returns by 15th November, otherwise they will have to pay this much fine.

Filing ITR: The deadline was initially set for October 31, 2024, but it was extended to November 15. This deadline is unlikely to be extended.

Submitting income tax returns is closely linked to submitting tax audit reports, which contain details that should be referred to in the ITR. Tax audit report has to be submitted before filing ITR.

Types of taxpayers filing returns by November 15:

According to an Economic Times report quoting chartered accountant Prakash Hegde, three types of taxpayers have to file ITR by November 15 for financial year 2023-24:

1. Companies, including both Indian and foreign.

2. All taxpayers whose accounts are to be audited under any law (for example, under the Income Tax Act or Limited Liability Partnership Act or Co-operative Societies Act etc.).

3. Partners of firms whose accounts are to be audited under any law.

What happens if a taxpayer fails to pay taxes by the November 15 deadline?

According to the report, if a taxpayer forgets to meet the November 15 deadline for filing ITR, they will have to file delayed returns till December 31, 2024, along with a penalty of Rs 1,000 to Rs 5,000 depending on the taxable income. Intermediate fine will also have to be paid.

Additional interest under sections 234A and 234B may be imposed, and the taxpayer may also lose the ability to carry forward any losses from this year.

Transfer-Pricing Matters

According to the report, in case of taxpayers with international or specified domestic transactions, the deadline is November 30. Taxpayers will have to submit transfer pricing audit report in Form 3CEB by October 31, 2024 and file ITR by November 30.

If Transfer Pricing Report has not been submitted, it must be submitted as some details from Form 3CEB need to be filled. Otherwise, a penalty of ₹1 lakh and an additional 2 percent of the transaction value will be charged for international transactions with related parties, according to the ET report.

If a taxpayer fails to meet the November 30 deadline, the department will bar them from carrying forward any losses for the financial year 2023-24.