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Tax authorities permitted a timeframe extension to January 15, 2025. Anyone who fails to comply will risk monetary penalties along with other legal fines.
Late fee for late filing of ITR
If Income is less than 5 Lakh Rupees: Penalized with a 1000 Rupee fine
Five lakh Rupees or More Worth Income: Slapped with a 5000 Rupee fine
Extended deadline for ITR Filling without late fee is July 31, 2024.
How do I complete the ITR requesting process?
Head towards the official web portal for the Income Tax Department.
Type your PAN number.
Choose the proper ITR form which coexists with your income.
Select AY2024-25 for FY 23-24.
Provide your personal details, deductions, and income records.
Pay the late fee and then submit the form using the OTP sent to your registered Number.
Submit either an online or offline copy of the form to the Income Tax Office to verify it.
What happens if I miss the January 15 deadline?
Legal Notices: The income statements are collected from many sources including the ITR that has not been filed. Therefore, all reports based on undisclosed income will not trigger.
Carry forward losses: The original deadline of July 31 ensures that a loss can be carried forward to counter a future tax liability. If you file later you will lose this advantage.
Advice for salaried employees
Salaried employees should have legitimate tax saving sproof, including tax saving plan contributions or receipts for home loans, if they want their employer's finance department to assist them before January 15, 2025. If they do not do this it would mean inability to claim these expenses with the potential to cut down the amount of their salary.
Such deadlines have been formed in India so workers can submit relevant documents to their employers and determine the correct tax liability for the given financial year.
In order to not encounter the legal issues that comes with penalties, or lose out on financial benefits that are available, make sure you file your late ITR along with tax proof before the time limit.
