ITR Filing 2024: Even if you could not file the return before the due date of July 31, in a year, you have another chance up to December 31 of that year only.
The tax fingerprint for the Income Tax Return, commonly referred to as ITR, is fast approaching, and it is due on July 31 this year.
This is a crucial period that every taxpayer should meet; otherwise, he is in for big trouble. In case you fail to file your ITR by July 31, you can file a late return up to the 31st of December in the year 2024. Alas, they are not merely beneficial, though they are accompanied by several outcomes that are worth noticing.
In case the general public does not file the return before the above deadline, July 31, they are at liberty to file a late return on or before December 31, 2024. However, in case you fail to beat the first deadline, you will still be put under the new tax regime.
This means that every time the taxpayers are unable to choose to be placed under the old regime for the respective financial year, they will automatically be placed under the new tax regime. The latest in tax systems is the new tax regime that was implemented in 2020; it comes bearing new tax slabs and concessionary tax rates much like the traditional regime.
Interest Penalty: An interest charge of one percent per month or such part thereof on the amount of the unpaid tax will be levied as prescribed under Section 234A.
Late Fee: Another penalty in the form of a late fee of Rs 5,000 levied under Section 234F. This fee is scaled down to Rs 1,000 if your total income is less than Rs 5 lakh per annum.
Loss Adjustment: Investment loss from the like of stock, mutual funds, properties, or businesses can be adjusted from future income to lessen the amount of taxes to be paid. However, this benefit comes with the condition that you have to file your ITR on time to enjoy i.
