If you have not yet paid your Income Tax, then you have only two days left. If you are careless and do not file your Income Tax Return (ITR) by 31st July, then you will have to face double challenges from 1st August.
Actually, the Income Tax Department has set the last date for filing income tax returns as 31st July. There is a provision of penalty for filing after this, but there is a bigger rule than the penalty, which can cause you huge loss. Let us tell you, if you file ITR by 31st July, then you have two options to choose the tax slab. At present, the New Tax Regime is by default, but for those taxpayers who want to choose the Old Tax Regime and want to save income tax by taking advantage of deduction, there is an option of Old Tax Regime. That is, by 31st July you can shift from New Tax Regime to Old Tax Regime.
File ITR by 31 July
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But after July 31, these options will end, that is, even if taxpayers want, they cannot shift to the old tax regime. They will have to file income tax under the new tax regime under all circumstances. In such a situation, if you live on rent or have taken a home loan, that is, if you want to save income tax under the old tax regime by taking advantage of deduction, then you should file ITR by July 31 in any case. According to the rule, after July 31, the doors of the old tax regime will be closed, then the survivors will have to file ITR in the new tax regime for the financial year 2023-24.
On the other hand, if you file ITR after the last date, then it is called belated ITR. Many taxpayers are demanding that the last date for filing ITR be extended, but so far there has been no indication from the government about this.
Penalty will be imposed for filing late ITR
Let us tell you, late fees will have to be paid on ITR filing after July 31. If your taxable income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1000 while filing ITR. On the other hand, if your taxable income is more than Rs 5 lakh, then you will have to pay a fine of Rs 5000. By filing ITR by July 31, you can avoid the penalty.
If you file your return by 31 July and there is some mistake in the return or any information is missing, then you can file a revised return. The last date for filing a revised return is 31 December. You can file a revised return as many times as you want till this date. There is no fee or penalty for filing a revised return.