Income Tax Department had fixed the date of ITR filing as 31 July 2024. After this, if any taxpayer files the return, he will have to pay a penalty. Along with the penalty, the taxpayer also has to pay interest according to the tax amount. In this article, we will tell you what is the last date for filing the return and how much penalty will have to be paid.
ITR Filing: The Income Tax Department had fixed the date for filing Income Tax Return as 31 July 2024. Although many taxpayers have filed the return within the deadline (ITR Filing) and soon they will also get tax refund. But, still many taxpayers have not filed ITR.
Now the question is whether taxpayers can still file income tax return?
The answer is yes, taxpayers can file return by paying penalty. Let us tell you that interest is also charged along with penalty for filing the return late. If the return is not filed by 31 July 2024, then you can file the return by 31 December 2024.
How much penalty to pay
Under section 234F of the Income Tax Act, the taxpayer has to pay a penalty. Taxpayers whose income is less than Rs 5 lakh will have to pay a penalty of Rs 1,000. At the same time, taxpayers with an annual income of more than Rs 5 lakh have to pay a penalty of Rs 5,000. Apart from this, under section 234A of the Income Tax Act, the taxpayer also has to pay interest on tax.
If you filed a return, but made a mistake in it, then you have the permission to file a Revised Return.
How to file ITR
Just like filing a normal return, you have to file a late return. To file this also, you have to go to the e-filing portal.
- You have to log in with the help of ID and password by going to the e-filing portal.
- After logging in, you have to select the ITR form based on your annual income.
- After this, you have to select the assessment year and provide information like income details, deduction and tax entry.
- After giving all the information, you have to crosscheck and submit it.
After filing ITR, you must verify it. If you do not do this, then your return will be considered invalid. Taxpayers can verify the return online through Aadhaar OTP, netbanking. Apart from this, the taxpayer also gets the facility of offline return verification.
