ITR Filing 2024 Deadline Today: Essential information you need to know
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Importance of timely ITR filing
Filing your income tax return on time is crucial to avoid financial penalties, including interest and fees. Timely submission ensures compliance and prevents extra costs.
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ITR Filing Deadline for 2024
The current deadline for submitting an ITR for the 2023–2024 fiscal year is July 31, 2024. The finance ministry has not formally announced that this deadline will be extended.
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Filing ITR After July 31
If you miss the July 31 deadline, you can still file your tax return, but with a late fee. This is known as filing a belated return.
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Last Date for Belated ITR Filing
The deadline for belated ITR filing for FY 2023-24 (AY 2024-25) is December 31, 2024, with extra fees.
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Penalties for Late ITR Filing
Late filing incurs a fee of Rs 5,000 (Rs 1,000 for incomes up to Rs 5 lakh) plus interest on unpaid taxes from the original due date.
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Legal Implications for Late Filing
Section 276CC imposes penalties, including 6 months to 7 years imprisonment and fines, if tax evaded exceeds Rs 25,000.
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Benefits of Timely ITR Filing
Filing on time ensures you can claim tax refunds, earn interest on refunds, and avoid notices or scrutiny from the Income Tax Department.