The deadline to file Income Tax Returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is fast approaching, with only 29 days remaining until the July 31, 2024, cutoff. Many taxpayers tend to file their returns at the last minute, but it’s crucial to be aware of the consequences of missing this deadline.
Last Date for ITR Filing
Taxpayers must note that the final date to file ITR for FY 2023-24 is July 31, 2024. Missing this deadline does not mean you cannot file your returns, but there are penalties involved.
Penalties for Missing the Deadline
If the July 31 deadline is missed, taxpayers can still file a belated return until December 31, 2024. However, this will incur a penalty ranging from ₹1,000 to ₹10,000, depending on the delay. Additionally, taxpayers may forfeit certain deductions and could be subject to increased scrutiny by the Income Tax Department.
Who Must File ITR?
Filing an ITR is mandatory for several categories of taxpayers:
- Income Threshold: Individuals whose total income before deductions exceeds the basic exemption limit.
- Global Assets: Residents of India who own property or have beneficial interests in property outside India.
- Foreign Accounts:Those with signing authority in accounts held outside India.
- Foreign Investments: Individuals who have invested in shares, bonds, or mutual funds of foreign companies or have Employee Stock Options (ESOPs).
- High Electricity Bills: Taxpayers who paid electricity bills exceeding ₹1 lakh in the previous year.
- Foreign Travel: Those who spent more than ₹2 lakh on foreign travel, regardless of who paid for the expenses.
- Bank Deposits: Individuals with deposits exceeding ₹50 lakh in savings accounts or more than ₹1 crore in current accounts.
- Business Sales: Business owners whose total sales exceed ₹60 lakh.
MaadhyamNews urges all taxpayers to file their returns promptly to avoid penalties and potential complications.
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