The deadline for submitting your Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. Failure to file your ITR by this date will result in a penalty, the amount of which is determined by your income level. There is a common inquiry regarding who is eligible to file their ITR even after the deadline has passed.
The deadline for ITR filing has been extended to October 31, 2024, for individuals and businesses that require auditing of their accounts. This extension is intended to provide ample time for completing the audit process and submitting the ITR. These individuals are granted an additional three months by the Income Tax Department to finalize their audit with a certified chartered accountant before submitting their ITR.
Extended deadlines for certain taxpayers
Some groups of taxpayers are eligible for an extended period to submit their income tax returns.
For instance, businesses participating in international transactions often require thorough examination and documentation for transfer pricing. As a result, they are allowed until November 30 to file their ITRs.
Similarly, businesses involved in specified domestic transactions may need to adhere to detailed reporting and compliance processes, making them potentially eligible for an extended filing deadline..
The eligibility criteria for these extensions can be intricate and are dependent on specific provisions of the Income Tax Act. Late filing penalties may still apply in certain situations, despite the extended deadlines.
Penalty for late filing of ITR
1. The penalty for taxable income up to Rs. 5,00,000 is capped at Rs. 1,000.
2. For taxable income exceeding Rs. 5,00,000, the maximum penalty is set at Rs. 5,000.
Furthermore, apart from any interest accrued on the outstanding tax amount, there is also this fine. Businesses that are subject to specific conditions, such as audit requirements or involvement in international transactions, may be granted extended filing deadlines. Nevertheless, there are still instances where late filing penalties may be warranted. Many taxpayers struggle with the various tax deadlines and regulations.
The Income Tax Department has made significant strides in improving taxpayer services, including offering round-the-clock assistance through multiple channels to ensure greater convenience. This enhances accessibility by allowing taxpayers to seek assistance whenever necessary, regardless of their location or time zone. Swift issue resolution reduces stress and frustration, and taxpayers can select the communication channel that best meets their needs.
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