Last Updated on 27/07/2024 by Ankita Jain
The last deadline for filing Income Tax Return (ITR) is 31 July 2024. The Income Tax Department has made it mandatory for all taxpayers to file ITR. Experts estimate that the government is not considering extending the deadline for filing income tax returns. In such a situation, if you want to file ITR without paying penalty, then you have to file ITR before 31 July. Otherwise after this you may have to pay a fine. On the other hand, if you do not file income tax return, then you may also have to go to jail.
While posting on the social media platform Ekta X, the Income Tax Department has informed that income tax returns must be filed before July 31 for the assessment year 2024-25. Income Tax informed that filing ITR helps in getting refunds, visa applications and loans. On the other hand, if ITR is not filed by July 31, then interest can be charged under section 234A and penalty can also be imposed under section 234AF.
Till when can ITR be filed with penalty?
If you are unable to file your ITR today for any reason, then you will have to pay a late fine. According to the Income Tax Act, ITR can be filed till 31 December 2024 along with late fine and interest on tax. There will be no opportunity to file ITR after this date. After this, the Income Tax Department will take action under some conditions.
How much will the fine be?
If you file late ITR, then interest will also have to be paid on the tax. Taxpayers may have to pay a fixed penalty of up to Rs 5000 for filing late ITR. At the same time, experts say that if ITR is not filed by 31 December 2024, a notice can be sent to the taxpayers by the Income Tax Department. After this, a penalty of 50 to 200 percent can be imposed on the tax amount of the taxpayers.
Interest can be charged on the tax amount from the due date till the filing of the return. In some circumstances, a case can also be filed against the taxpayers. The Income Tax Department has the right to do this.
A lawsuit may be filed
Under the Income Tax Act, not filing ITR can lead to imprisonment of 6 months to 7 years. However, there are some conditions for this. The Income Tax Department can file a case only in such cases when the amount of tax is more than Rs 10,000. Let us tell you that Income Tax India is constantly asking taxpayers to file ITR.