Due to ignorance or general indolence, a large number of people either fail to file their income tax returns (ITRs) on time or completely ignore to do so.
Some people make the mistake of thinking that they have no further tax obligations simply because their employer withheld tax at source (TDS) from their monthly pay cheques and sent the standard Form 16. They believe that submitting a tax return is the same as paying TDS. However, that isn’t true.
People with lesser earnings frequently believe they are not required to file taxes. Nevertheless, completing an ITR is required for reasons other than your income. There might be unpleasant repercussions if you don’t file by the deadline. To learn more about these rules and steer clear of any fines, read on.
When Is The Deadline For Filing The ITR?
Individuals whose income is above the threshold amount before exemptions and deductions are required to file an ITR. The exemption limits for the fiscal year 2023–2024 are Rs 2.5 lakh for those under 60, Rs 3 lakh for people between 60 and 80, and Rs 5 lakh for people over 80.
Filing becomes required for professionals if their gross receipts from their profession reach Rs 10 lakh, and for company owners if their total sales, turnover, or gross receipts surpass Rs 60 lakh. Additionally, it is necessary if the total amount of taxes collected and deducted is Rs 25,000 or more (or Rs 50,000 for those 60 years of age or older) or if the total amount of money deposited in savings accounts exceeds Rs 50 lakh.
To finish the self-assessment of income and taxes, advance taxes must be recorded on the ITR even if they have already been paid. Reconciliation of data between the taxpayer and the Income Tax Department is facilitated by filing a return. Additionally, you have to file your return before the deadline if you have suffered a loss that you wish to carry forward to offset future income.
The assessment year’s July 31 is the deadline for filing the ITR. Since 2024–2025 is the assessment year for 2023–2024, the FY24 ITR must be submitted by July 31, 2024. Nonetheless, until December 31st, a belated return may be submitted.
If you are obligated to submit an ITR, failing to do so can have several repercussions, from late penalties and punitive interest to even jail time.
You will be charged a late fee with interest if you file your return after the deadline but within the window for filing a belated return.
