Income Tax Filing 2024, ITR Filing 2024 Last Date: How much penalty can be paid for not filing ITR by July 31?
ITR Filing 2024 Last Date: Income Tax Return Last Date: The last date for filing income tax return is approaching. If you have not filed your ITR yet, then give it on time or else you may have to pay a heavy fine. Yes, if you do not file your ITR by 31 July 2024, then you will have to suffer a loss. The Income Tax Department has already appealed to all the taxpayers to file ITR by 31 July. Let us tell you that there are some big benefits of filing ITR on time.
Income tax return has to be filed by 31 July for the financial year 2023-24 (Assessment Year 2024-25). If you have not filed your ITR yet, then do it soon. Filing ITR on time not only avoids the penalty but also has many other benefits.
How much penalty after the deadline?
If you file ITR after July 31 and your income is more than Rs 5 lakh, then you will have to pay a penalty of Rs 5,000. On the other hand, if your income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1,000. If you file ITR after December 31, 2024, then you will have to pay a penalty of Rs 10,000.
Apart from this, if you have given wrong information about your income while filing ITR, then you will also be fined by the tax department. Up to 50 percent penalty can be imposed for showing less income and up to 200 percent penalty for giving wrong information.
Apart from this, if you do not file ITR by the last date, then you will have another loss, and that is the delay in the refund received while filing income tax.
Know the benefits of filing income tax on time
- Let us tell you that the Income Tax Department gets information about your income from different sources. And if you do not file ITR on time, then the Income Tax Department can send you a notice. Therefore, by submitting ITR on time, problems like notice can be avoided.
- Apart from this, according to the Income Tax rules, if you do not file ITR by the due date, you can carry forward your loss to the next financial year. That is, in the coming financial years, you can reduce the tax payable on your income.
For example, if you have suffered a loss on selling shares, then you can carry forward it for 8 years. But if the return is not filed on time, then the loss cannot be carried forward and this benefit will not be available.
