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Today is the last chance to file income tax returns for companies and individuals for whom tax audit is required. If ITR is not filed by November 15, penalty and interest may have to be paid. Along with this, they may also have to face some other difficulties. Earlier, the last date for filing ITR for taxpayers coming under tax audit was 31 October 2024. CBDT had extended this deadline to 15 November 2024.
Today is the last chance for these taxpayers
Today is the last chance for all domestic and foreign companies to file Income Tax Return (ITR). Today is also the last chance to file returns for individual taxpayers whose tax audit is required. Today is also the last chance to file income tax returns for partners of such firms for which audit is mandatory. If for some reason these taxpayers are not able to file income tax returns by November 15, then they can file belated returns till December 31, 2024.
What will happen if return is not filed?
Taxpayers will have to pay fees under section 234F for late filing of income tax returns. This fee can range from Rs 1,000 to Rs 5,000. Interest will also have to be paid on unpaid tax under sections 234A and 234B. Taxpayers who do not file income tax returns by November 15 will not be able to carry forward the losses of the current financial year. Failure to submit tax audit report within the stipulated time period may result in penalty. It will be Rs 1.5 lakh or 0.5 per cent of total sales, whichever is less.
Time till 30th November for these taxpayers
Taxpayers with international or specified domestic transactions have time till November 30, 2024, to file income tax returns. First of all they have to file transfer pricing audit report. Earlier the last date for this was October 31, 2024. Failure to submit Form 3CEB may result in penalty. This fine can be Rs 1 lakh or 2 percent of the international transaction value.
