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ITR Filing: Taxpayers should file tax returns by November 15 or else they will have to pay this much fine

The deadline to file income tax returns (ITR) by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024.

ITR Filing: The deadline was set for October 31, 2024, initially, but was extended to November 15. Any further extension to this deadline is unlikely.

This income tax return submission is closely linked to submitting the tax audit report, which has details that must be referenced in the ITR. The tax audit report must be submitted before filing the ITR.

Types of taxpayers to file returns by Nov 15:

As per an Economic Times report citing Prakash Hegde, a chartered accountant, there are three types of taxpayers who have to file ITR by November 15, for the financial year 2023-24:

1. Companies, including both Indian and foreign.

2. All taxpayers whose accounts have to be audited under any law (for example, under the Income Tax Act or the Limited Liability Partnership Act or even the Co-Operative Societies Act, etc).

3. Partners of firms whose accounts have to be audited under any law.

What if a taxpayer fails to meet the November 15 deadline?

In case a taxpayer forgets to meet the November 15 deadline to file the ITR, they would be required to submit a belated return by December 31, 2024, along with a monetary penalty which can range between ₹1,000 and ₹5,000 depending on the taxable income, as per the report.

Additional interest may be charged under Sections 234A and 234B, along with the taxpayer losing the ability to carry forward any losses from this year.

Cases of transfer-pricing

In the case of taxpayers having international or specified domestic transactions, the deadline is November 30, according to the report. The taxpayers must submit a transfer pricing audit report in Form 3CEB by October 31, 2024, and file an ITR by November 30.

If the transfer pricing report has not been submitted, it must be done, as some details from Form 3CEB need to be filled in. Otherwise, as per the ET report, a penalty of ₹1 lakh and an additional 2 per cent of the transaction value for international transactions with related parties will be charged.

If a taxpayer fails to meet the November 30 deadline, the department will prevent them from carrying forward any losses for the financial year 2023-24.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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