The deadline for submitting your Income Tax Return (ITR) for the financial year 2023-24 is approaching on July 31, 2024. Missing this deadline will result in a penalty, which varies depending on your income level.
However, there’s good news for those whose accounts require auditing. The Income Tax Department has extended the deadline to October 31, 2024, for both individuals and businesses with such requirements. This extension is designed to provide additional time for completing the necessary audits with a recognized chartered accountant before filing the ITR.
This extension allows affected taxpayers an extra three months to finalize their audits and submit their returns, ensuring they can meet all compliance requirements without facing late penalties.
Extended Deadlines for CErtain Taxpayers:
The Income Tax Department has announced extended deadlines for specific categories of taxpayers to accommodate their complex reporting needs.
Businesses involved in international transactions, which often require extensive analysis and documentation for transfer pricing, are granted an extended deadline of November 30, 2024, to file their Income Tax Returns (ITRs). This extension aims to ensure these businesses have adequate time to complete the necessary paperwork and compliance measures.
Additionally, businesses engaged in specified domestic transactions may also be eligible for extended filing deadlines. These taxpayers often face detailed reporting and compliance requirements, which can be challenging to meet within the standard timeframe.
It’s important to note that eligibility for these extended deadlines depends on specific provisions under the Income Tax Act. Despite the extension, late filing fees may still apply for those who miss the revised deadlines.
Taxpayers in these categories should ensure they are fully aware of the requirements and deadlines applicable to their situation to avoid any penalties.
Penalties for Late Filing of Income Tax Returns :
As the deadline for filing Income Tax Returns (ITRs) approaches, it’s important for taxpayers to be aware of the penalties associated with late submissions.
For individuals, the penalty for filing an ITR after the due date varies based on taxable income:
. Up to Rs. 5,00,000: The maximum penalty is Rs. 1,000.
. Exceeding Rs. 5,00,000: The penalty can go up to Rs. 5,000.
These penalties are in addition to any interest owed on unpaid taxes.
While certain businesses may benefit from extended filing deadlines—such as those needing audits or involved in international transactions—these extensions do not exempt them from potential penalties for late filing. The Income Tax Department’s guidelines ensure that even with extended deadlines, adherence to timely submission is crucial to avoid additional costs.
Taxpayers should remain vigilant about their filing deadlines and penalties to ensure compliance and avoid unnecessary financial repercussions.
