Income Tax Return: Like every time, this time also the last date for filing Income Tax Return is 31st July. If you have not filed ITR yet, then try your best to file it before the last date. Because if ITR is filed after the due date, a penalty is imposed by the Income Tax Department.
Filing ITR is very important for every person, whether they are income tax payers or not. It tells you how much you have earned in the last financial year. Filing ITR on time is good for you in many ways. Firstly, if you file it on time, you will not be charged any penalty.
This is the reason why the Income Tax Department keeps reminding people to file ITR on time. This time, like last year, you can file ITR till 31 July 2024. But what is the penalty for delay? Penalty is imposed by the Income Tax Department for filing ITR. But this penalty varies according to your income.
Also Read: Who is responsible for wrong income tax return filing CA or taxpayers
Individuals earning more than Rs 5 lakh in the financial year 2023-24 may have to pay a fine of up to Rs 5,000 for filing returns late.
For taxpayers having income of Rs 5 lakh or less in a financial year, the maximum penalty for late filing of ITR is limited to Rs 1,000.
People whose taxable income is less than the income tax exemption limit and they file ITR only to get a refund. Such people do not have to pay a penalty for filing the return late. Taxable income means the total income before deductions-
Filing income tax returns is mandatory for you. If you do not follow the rules, you may be fined and you may have to face legal consequences. Apart from this, filing ITR can help you avoid future complications. By filing returns on time, you may be eligible for specific tax benefits or refund.
