ITR Filing Deadline Extended: The Government of India has extended the last date for filing the belated Income Tax Return (ITR) from 31 December to 15 January. Now ITR can be filed with late fees till 15 January 2025.
If a taxpayer has already filed their ITR but later finds that there are mistakes in it, they can also now file a revised return till 15 January. The last date to file ITR without any late fee for the financial year 2023-24 was 31 July.
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ITR Filing Deadline Extended Late Fee up to Rs 5,000
If you have not yet filed ITR 2023-24, you can fill it with late fees till January 15. If the total income is less than Rs 5 lakh then you will have to pay a late fee of Rs 1,000. If the total income is more than Rs 5 lakh, a late fee of Rs 5,000 will have to be paid.
ITR Filing Deadline Extended Process of ITR Filing
- First of all, go to the official site of the Income Tax Department.
- Log in using your PAN card number.
- Choose the ITR form according to your income. Assessment Year – Select AY2024-25 for FY24.
- Fill in the necessary personal details and deductions.
- A late fee of ₹ 5,000 will be applicable on filing.
- Submit and verify using Aadhaar OTP.
- If you want, you can choose the option of verification by going to the Income Tax Office and submitting the form.
When is it Necessary to file ITR
- The total deposit in the savings account is more than Rs 50 lakh.
- Deposit of more than Rs 1 crore in one or more current accounts.
- More than Rs 2 lakh expenditure on personal or foreign travel of any person.
- On electricity bill payment of more than 1 lakh.
- If the total turnover of the business is more than Rs 60 lakh.
- If the gross receipts from any profession are more than Rs 10 lakh.
- Total tax deduction and collection should be Rs 25,000 or more.
ITR Filing Deadline Extended: Disadvantages of not Filing Returns by 15 January
You can avoid the notice by filing a belated ITR but there are many disadvantages of not filing the return by the due date i.e. 31st July. According to Income Tax rules, if you file ITR before the due date, you can carry forward your loss to future financial years. That means you can reduce tax liability on your earnings in the next financial years.
But now you will not be able to take advantage of this after filing an ITR. Apart from this, information about your income reaches the Income Tax Department from many sources, if ITR is not filed, the Income Tax Department can send you a notice based on that information. It is beneficial to file ITR to avoid notice hassles.
Government Preparing to Reduce IT Rates
The Indian government is considering an income tax cut for individuals earning up to Rs 15 lakh per annum in the February budget. Its purpose is to provide relief to the middle class and increase spending because slow economic growth and inflation have increased the problems of the people.
Two government officials gave this information to News agency Reuters Sources said that the size of the tax cut has not been decided yet. The final decision on this will be taken on February 1, closer to the budget. However, he also said that lower tax rates will lead to more people adopting the new system, which is simpler.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗