ITR Filing Deadline: For taxpayers for whom tax audit report is mandatory, November 15, 2024 is the last date to file Income Tax Return (ITR). Such taxpayers will have to submit the tax audit report before filing ITR, otherwise the ITR may be considered invalid and they may also have to face penalty. Not only this, the fine for missing the deadline can also be up to Rs 1.5 lakh.
For which taxpayers is November 15 the deadline?
The last date for ITR filing of November 15, 2024 is for those taxpayers who are subject to any kind of tax audit. These taxpayers include:
– Companies (like Indian company or foreign corporate)
– Taxpayers whose accounts are audited under any law (such as Income Tax Act, LLP Act, or Cooperative Society Act)
– Partners of such firms whose accounts require audit.
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Why is it necessary to submit tax audit report?
It is important to submit the tax audit report before filing ITR, as the ITR form asks for details of the audit report, such as date of report and acknowledgment number. In case of non-submission of tax audit report, these details remain blank, resulting in non-uploading of ITR.
ITR filing deadline for transfer pricing cases
The date of November 15 is not applicable for taxpayers for whom tax audit is required under transfer pricing. They have to submit transfer pricing audit report under Form 3CEB by October 31, 2024. The last date for ITR filing for such taxpayers is November 30, 2024.
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What to do to not miss the November 15 deadline?
– Submit tax audit report first: ITR cannot be filed without submitting the audit report. Therefore, fill the tax audit report first.
– Don’t miss the opportunity: The date of 15th November has already been extended. Penalty may be imposed on ITR filing after this date.
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Possible disadvantages of not filing ITR on time
If you are not able to file ITR by November 15, you may suffer major losses due to late filing:
– Filing belated ITR: You will get a chance to file belated ITR till December 31, 2024, but for this you may have to pay penalty and interest.
– If you do not submit ITR on time, a penalty of Rs 1,000 to Rs 5,000 may be imposed depending on your income.
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– Loss cannot be carried forward: If you file ITR late, your loss cannot be carried forward to the next financial years.
– Size of penalty: If you do not submit the tax audit report on time, the penalty can be Rs 1.5 lakh or 0.5% of the total turnover, whichever is less.
– If you have any outstanding tax liability, you will also have to pay interest on it under sections 234A and 234B.
