ITR Filing Last Date 2024: Deadline Ends Today, Know Penalty If You Don't File ITR By July 31

ITR Filing 2024 Last Date: Filing your income tax return (ITR) on time is essential to avoid financial penalties. Late filing can result in significant charges, including interest and a flat fee. Timely submission helps you maintain compliance and prevents unnecessary costs.

ITR Filing Last Date Extension

If you are hoping that the ITR filing deadline will be extended, you might be disappointed. The July 31 deadline is unlikely to be extended, as there has been no formal announcement from the finance ministry yet.

ITR Filing Last Date 2024

The current due date for filing ITR for the financial year 2023-24 is July 31, 2024.

Can You File ITR After July 31?

You can still file your tax return even if you missed the deadline but with a late fee. This is called filing a belated return.

Belated ITR Filing Last Date

The last date to file a belated return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024.

Penalties for Late ITR Filing in 2024

ITR Filing Penalty After Due Date

However, note key reasons why you should not delay filing your ITR:

1. The fee for default in furnishing return of income shall be Rs 5,000 if the return has been furnished after the due date prescribed under section 139(1). However, the fee is Rs 1,000 if the total income of an assessee does not exceed Rs. 5 lakh.
2. On top of any late filing fees, you’ll also owe interest on any unpaid taxes. This interest accrues from the original due date until the full amount is settled.
3. In addition to incurring penalties and interest charges, filing a belated return has other drawbacks. Missing the July 31 deadline means you cannot carry forward certain losses to future years. Only losses from house property can be carried forward in the case of late filing.
4. Under Section 276CC, if the amount of tax payable or evaded exceeds Rs 25,000, the penalty for late filing of income tax returns includes imprisonment ranging from 6 months to 7 years, along with a fine.
5. Filing income tax returns is the only way to claim a refund for excess taxes deducted. Additionally, just as interest is charged on overdue taxes, taxpayers are eligible to receive interest on refunds if they file their returns within the prescribed schedule.
6. The Income Tax Department may issue notices or initiate scrutiny proceedings for delayed or non-filing of ITR. Filing your ITR on time can minimise the chances of being subjected to such inquiries, saving you from unnecessary stress and potential legal consequences.

Importance of Filing ITR on Time

Here are some tips for filing your ITR on time:

• Start early: Don’t wait until the last minute to file your ITR. This will give you enough time to gather all the necessary information and documents.
• Use the e-filing portal: The e-filing portal is the easiest and most convenient way to file your ITR. You can access the portal from anywhere and at any time.
• Get help from a tax expert: If you are not sure how to file your ITR, you can get help from a tax expert. They can help you to ensure that your return is filed correctly and on time.

Steps to File Your ITR Before the Deadline

• Login to the Income Tax e-filing Portal: Visit https://www.incometax.gov.in/iec/foportal/
• Log in using your PAN and password.
• Choose the correct ITR form based on your income sources and other criteria.
• Utilise the pre-filled data provided by the portal, such as salary income from Form 16.
• Enter details of all your income sources, including salary, business income, capital gains, etc.
• Calculate your gross total income.
• Enter eligible deductions under sections like 80C, 80D, HRA, etc.
• Calculate your taxable income.
• The portal will automatically calculate your tax liability based on the applicable tax slabs.
• Choose a verification method (Aadhaar OTP, bank account details, or digital signature).
• Review all the entered information carefully.
• Submit the ITR.

Frequently Asked Questions About ITR Filing

What is an Income Tax Return (ITR)?

An Income Tax Return (ITR) is a document that you submit to the Income Tax Department detailing your income, deductions, taxes paid, and tax liability for a specific financial year.

Who is required to file an ITR?

Generally, any individual earning income exceeding the basic exemption limit is required to file an ITR. However, there are other criteria like age, income sources, etc., that determine the filing obligation.

What is the due date for filing an ITR?

The due date for filing an ITR varies based on the type of taxpayer. For salaried individuals without business or professional income, it’s usually July 31st of the following financial year. However, it’s essential to check the specific due date for your case as it can change.

What are the different types of ITR forms?

There are multiple ITR forms, each designed for a specific category of taxpayers. The choice of ITR form depends on your income sources, deductions, and other factors.

How can I file my ITR?

You can file your ITR online through the Income Tax Department’s e-filing portal or offline by submitting a physical copy. Online filing is generally preferred for its speed and convenience.

What documents are required for ITR filing?

The documents needed vary based on your income sources.

However, common documents include Form 16 (salary income), bank statements, investment proofs, property documents, etc.

How do I verify my ITR?

There are multiple ways to verify your ITR, such as Aadhaar OTP, bank account details, or digital signature.

What happens if I miss the due date for filing ITR?

If you miss the due date, you’ll be liable to pay interest under Section 234A of the Income Tax Act.

In some cases, penalties may also apply.