No penalty for missing ITR filing deadline of July 31 for these people: The deadline for filing Income Tax Return (ITR) will end a few hours from now. According to the Income Tax Department, more than 6 crore ITRs have been filed so far. The last date for filing ITR is 31 July 2024 i.e. today. Tax after 31 JulyTaxpayers will have to pay a penalty of up to Rs 5000 for filing returns. But in some cases, people can file returns even after July 31 without any penalty and extra charge. Let us know which people will be exempted from filing ITR without penalty from tomorrow.
Even after the deadline is over, these people will be able to file ITR without penalty
The Income Tax Department has not yet announced any extension in the July 31 deadline for filing tax returns. In such a situation, taxpayers who missed filing tax returns today will have to pay penalty and extra charge to file ITR from tomorrow, but these In such cases, there will be no penalty for filing the return after July 31, 2024.
Taxpayers who are subject to tax audit can file their tax returns till October 31, 2024. These taxpayers will not have to pay any penalty for filing tax returns i.e. belated ITR after July 31. Those whose income or business needs auditing are given time till October 31, 2024 to file returns so that they can easily complete this work without paying any penalty. Such taxpayers can file tax returns till October 31, 2024 with the help of a chartered accountant.
Those whose total income does not exceed the basic exemption limit can file their tax returns late. Such people do not have to pay any penalty for delay in filing tax returns.
Taxpayers whose sole source of income is agriculture are exempted from penalty for late filing of ITR.
If your income is completely exempt from tax rules, and no other income of yours is taxable, then you can file ITR even after July 31 without any penalty.
Those people who are not legally required to file ITR but are voluntarily filing ITR can file their returns after July 31 without any penalty.
Also read: ITR Filing: Now only a few hours are left to file ITR, file tax return at the last moment like this
How much penalty will people falling under the tax bracket have to pay
For those who have earned more than Rs 5 lakh during the financial year 2023-24, 31 July 2024 i.e. today is the last date to file tax returns. If you fail to file the return on time, then after today you will have to pay a fine of up to Rs 5,000 and an extra charge for it. Apart from this, if people whose income is less than Rs 5 lakh file their returns after the deadline, they will have to pay a fine of Rs 1,000. That is, those who do not file the return by July 31 will be fined Rs 1000 to Rs 5000 for filing belated returns. Apart from this, you may also have to pay a penalty on top of the outstanding tax.
Also read: ITR filing: If you are not able to file tax return by 31st July, then you will suffer the biggest loss, all the benefits including 80C will end
The deadline for filing belated returns for the financial year 2023-24 i.e. assessment year 2024-25 is December 31, 2024. If you fail to file the return by this date, then there will be an opportunity to file an updated return with more penalty and penalty on top of the outstanding tax.
