Filing an Income Tax Return (ITR) is an important element of satisfying your tax obligations, and you must be aware of the filing deadlines. The deadline for filing ITRs for Fiscal Year 2023-24 (Assessment Year 2024-25) for taxpayers who did not require an audit was July 31, 2024. If the time has passed, a belated return can still be submitted; the deadline for this is December 31, 2024. The filing must be completed by that date in order to avoid penalty fines and interest accumulation. To avoid problems, keep up to current on tax filing rules.
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However, all taxpayers face the same deadline for completing an amended or belated return. Many taxpayers are unaware of the penalties that may apply if they fail to file revised and belated returns for FY 2023-24 before the December 31, 2024 deadline.
Implications of Missing the ITR Filing Deadline
Taxpayers who file their taxes after the deadline face a Rs 5,000 penalty. Anyone with an income of less than Rs 5 lakh faces a Rs 1,000 fine. The goal of this penalty is to encourage timely compliance with tax reporting deadlines.
Interest: According to Section 234A, taxpayers who owe outstanding taxes will be charged 1% each month until the tax is paid. This additional expense can add up quickly, increasing the total amount owed.
Exemptions were lost under the previous tax system when you filed a late return. The new tax system will apply to taxpayers who file delayed returns, limiting deductions and exemptions under sections 80C and 80D, among other things.
Carrying over losses: Failure to submit by the deadline means that taxpayers will lose the ability to carry capital losses forward to following years. This may also limit taxpayers’ ability to deduct losses from future capital gains.
The new tax system will serve as the default tax regime for fiscal year 2023-24. Late filers will be instantly converted to this regime and will no longer be eligible for deductions under the former tax system.
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