Forgetting to file income tax return is considered as failure to settle non-compliance obligations or negligence in filing ITR, which may lead to fines and penalties.
Income Tax Return: Deadline for filing Income Tax Return has been fixed as 31 July 2024. Income Tax is a document under which taxpayers have information about their income during the financial year. If a taxpayer fails to file ITR, he has to pay a fine. The Income Tax Department has several tax rates for different income slabs.
Apart from this, the Income Tax Department repeatedly reminds individuals to file income tax returns on time. In such a situation, if you forget to file income tax return, then non-compliance, such as failing to settle obligations or negligence in filing ITR, is considered, which can lead to fines and penalties.
For the financial year ending on March 31, 2024, the last date for individuals to submit their income tax return (ITR) is July 31, 2024. However, the process of filing ITR can be a bit daunting, especially for individual taxpayers who find it difficult to understand the various sections and things required to submit their ITR.
Even if you miss July 31, you still get a chance
The task of collecting all the required information and maintaining a record of the expenses incurred in the previous year can be difficult, due to which individuals may miss the filing deadline. As a result, many individuals may need additional time to complete their tax returns to avoid any adverse action from the income tax authorities. In such a situation, the IT department gives such taxpayers an opportunity to file belated returns before December 31.
Penalty on delayed ITR
When taxpayers file income tax returns late, they may have to pay a penalty depending on their income level. Specifically, if the income is less than Rs 5 lakh, a penalty of Rs 1,000 is imposed, while if the income is more than Rs 500000 lakh, a penalty of Rs 5,000 is imposed. Apart from this, those who file returns late may face penalties in the form of interest charges and loss of certain benefits available to those who file returns on time.
Who gets exemption?
If a person’s taxable income is less than the basic exemption limit and they need to file an income tax return (ITR) to claim a refund, they will not have to pay a penalty for late filing.
