Individual taxpayers must file their Income Tax Returns (ITR) for the Assessment Year 2024-25 (Financial Year 2023-24) by July 31, 2024, unless the department extends the deadline.
Under Section 234F of the Income-tax Act, 1961, failing to file your ITR by the July 31 deadline will result in penalties. Taxpayers with income below Rs 5 lakh will face a late fee of up to Rs 1,000, while those with income above Rs 5 lakh could incur a penalty of Rs 5,000.
Limitations of not filing Return within due-date:
- Interest may be applicable under sections 234A, 234B and 234C of the Income -tax Act,1961
- Penalty will be levied under Section 234F while filing a belated return
- Business and capital losses cannot be carried forward to subsequent years (However, losses from house property can be carried forward even if you file your returns late)
Happy filing!
