ITR Filing Deadline: People kept waiting for the deadline to be extended to file Income Tax Return (ITR) for the income earned in the financial year 2023-24. But this did not happen and 31st July passed. Now taxpayers will have to pay belated income tax (Belated ITR). For this they will also have to pay a penalty. But there are some people who are not worried about the deadline passing. These people can still file ITR without penalty. Know about them here-
First know the last date of Belated ITR
The last date for filing belated ITR is 31 December. But the department does not pay interest to those who file belated ITR. Please note that on filing ITR on time, the taxpayer gets interest at the rate of 0.5% per month on the refund amount.
How much penalty will have to be paid
If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of up to Rs 5,000 for filing ITR after the due date. On the other hand, if the annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee.
These people can still file ITR without penalty
For businessmen or individuals whose accounts need to be audited, the deadline for filing ITR is different. These people can file ITR till 31 October. They are given an additional 3 months by the Income Tax Department so that they can get the account audited by a recognized CA and then file their ITR.
They are allowed to file ITR without penalty till 30 November
There is also exemption in filing ITR for certain types of transactions. If a business needs to file transfer pricing report in its international transactions, then such businesses are given extra time to file ITR. Such people can file their returns till 30 November. Apart from international transactions, such exemption is also given in certain types of domestic transactions.
