Will ITR Filing Last Date Be Extended?

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

ITR Filing Last Date: July 31, 2024

The deadline for filing ITR for the financial year 2023-24 is July 31, 2024. If you miss this date, you can still file a belated return with a late fee, but it's essential to be aware of the penalties and consequences.

Belated ITR Filing: December 31, 2024

If you file your ITR after July 31, you'll be subject to a belated return filing fee. 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

If you fail to file your ITR on time, you'll be charged:

• A fee of Rs. 5,000 if the return is filed after the due date (Rs. 1,000 if total income is less than Rs. 5 lakh)
• Interest on unpaid taxes from the original due date until settlement
• Potential imprisonment and fine under Section 276CC if the amount of tax payable or evaded exceeds Rs. 25,000

Why You Should File Your ITR On Time

• Filing your ITR on time has several benefits:
• Avoid penalties and interest charges
• Minimize the risk of scrutiny proceedings and notices from the Income Tax Department
• Ensure compliance and avoid unnecessary stress
• Claim a refund for excess taxes deducted
• Receive interest on refunds if filed within the prescribed schedule

Steps to File Your ITR Before the Deadline

1. Log in to the Income Tax e-filing Portal (https://www.incometax.gov.in/iec/foportal/)
2. Log in using your PAN and password
3. Choose the correct ITR form based on your income sources and criteria
4. Utilize pre-filled data from Form 16
5. Enter details of all income sources
6. Calculate gross total income and taxable income
7. Enter eligible deductions under sections like 80C, 80D, HRA, etc.
8. Review and submit your ITR carefully.