Income Tax Fine: Now you will have to pay this much fine for not filing ITR by the last date, know everything

ITR File: What if ITR is not filed on the last date for some reason? Let’s take a look at the ITR related deadlines, penalty for missing the last date, common mistakes to avoid…

Last date for filing Income Tax Return (ITR): Many people file their ITR on the last day. What if for some reason ITR is not filed on that day? Let’s take a look at the deadlines related to ITR, penalty for missing the last date, common mistakes to avoid…

When is the last date to file ITR?

The last date to file Income Tax Return (ITR) for FY 23-24 (Assessment Year 2024-25) is July 31, 2024.

What if you miss the deadline?

Taxpayers who miss the July 31 deadline can still file belated returns for FY23-24/AY24-25 up to December 31, 2024.

What is the penalty for not filing income tax return by the last date?

While you are allowed to file a belated ITR until the end of the year, you will incur a penalty ranging between ₹1,000 to ₹10,000 depending on the period of delay. You may also lose out on some deductions and be subject to greater scrutiny by the Income Tax Department.

Who is required to file ITR?

• If the sum of all your income/salary before deductions exceeds the basic exemptions, you are required to file your ITR.
• If you are a resident of India for income tax purposes and own any property outside India or are a beneficiary of any property outside India, you are required to file ITR.
• You are also required to file your ITR if you are an authorised signatory to any account, immovable or movable, held outside India.
• If you have invested in shares, bonds or mutual fund schemes of foreign companies or have employee stock options (ESOPS), you are required to file ITR irrespective of your income level.
• If you have paid electricity bills of more than Rs 1 lakh last year, you will have to file ITR even if the electricity connection is not in your name.
• If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether you have spent it yourself or someone else, provided you have borne the travel expenses.
• If the bank deposits in your name exceed Rs 50 lakh in one or more savings accounts or Rs 1 crore in one or more current accounts, you will have to file ITR.
• If the value of all sales from your business exceeds Rs 60 lakh, you will have to file ITR.