Attention taxpayers! The final deadline for filing individual income tax returns is today, Wednesday, July 31. Despite rumors of a possible extension, officials have confirmed that the deadline remains unchanged. Last year, many were caught off guard when no extension was granted. So, what happens if you miss today's deadline?
The Income Tax Department has reiterated that July 31 is the last date to file income tax returns (ITR) for FY 2023-24. Contrary to reports, there will be no extension this year. The department urges taxpayers to file their returns on time to avoid penalties and last-minute hassles. As of July 26, over five crore ITRs have been filed, a significant increase from last year.
Penalties for Late ITR Filing
If you miss the July 31 deadline, you will have to pay a penalty. Belated returns for the Financial Year 2023-2024 must be filed by December 31, 2024. However, you will incur a fee of Rs 5,000 as per Section 234F of the Income Tax Act, 1961. For those with an income up to Rs 5 lakh, the penalty is capped at Rs 1,000. This fee applies even if you don't owe any taxes.
Beyond the late fee, you will also be responsible for interest on any outstanding taxes. This interest accrues from the original due date until the full amount is paid.
Income Exceeds Basic Exemption Limit
Taxpayers with income above the basic exemption limit face penalties for late filing. The threshold varies by tax regime: the new tax regime sets it at Rs 3 lakh for all taxpayers, while the old tax regime has different limits depending on the taxpayer's age.
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