Along with companies, today is the last chance to file income tax returns for such individual taxpayers whose tax audit is necessary. Earlier, the last date for filing ITR for taxpayers who were subject to tax audit was October 31, 2024.
Today is the last chance for companies and individuals for whom tax audit is necessary to file income tax returns. If ITR is not filed by November 15, then a penalty and interest may have to be paid. Along with this, they may face some other difficulties. Earlier, the last date for filing ITR for taxpayers falling under the purview of tax audit was October 31, 2024. CBDT had extended this deadline to November 15, 2024.
Today is the last chance for these taxpayers
Today is the last chance for all domestic and foreign companies to file Income Tax Return (ITR). Today is also the last chance for such individual taxpayers to file returns, whose tax audit is necessary. Today is also the last chance for the partners of such firms for whom audit is necessary to file income tax returns. If these taxpayers are unable to file income tax returns by November 15 for any reason, then they can file belated returns by December 31, 2024.
What will happen if you do not file the return
For filing belated income tax returns, taxpayers will have to pay a fee under section 234F. This fee can range from Rs 1,000 to Rs 5,000. Interest will also have to be paid on the tax not paid under sections 234A and 234B. Taxpayers who do not file income tax returns by November 15 will not be able to carry forward the losses of the current financial year. Failure to submit the tax audit report within the stipulated time period may attract a penalty. This will be Rs 1.5 lakh or 0.5 per cent of the total sales, whichever is lower.
Time till November 30 for these taxpayers
Taxpayers with international or specific domestic transactions have time till November 30, 2024 to file income tax returns. First they have to file a transfer pricing audit report. Earlier the last date for this was October 31, 2024. Failure to submit Form 3CEB may attract a penalty. This can be Rs 1 lakh or 2 per cent of the international transaction value.
