INCOME TAX RETURN (ITR) FILING FOR FINANCIAL YEAR 2023-24 (AY 2024-25) BEGIN ON APRIL 1, 2024
Today, November 15, 2024, is the final deadline for select Indian taxpayers, such as corporate entities and individuals requiring tax audits, to file their Income Tax Returns (ITR) for FY 2023-24. Missing this deadline results in late fees: INR 5,000 for those with taxable income over INR 5 lakh and INR 1,000 for those below. Additionally, a 1% monthly interest on outstanding taxes will begin accumulating. Filing today is crucial to avoid these penalties and ensure compliance.
marks the final deadline for taxpayers in India who are required to file Income Tax Returns (ITR) with a tax audit report. The deadline was previously extended by the Income Tax Department from October 31 to allow more time for compliance.
Failing to file by today’s deadline could lead to financial penalties. Specifically, a fine of INR 5,000 will be charged if the taxpayer’s income is INR 5 lakh or more. For those with income below this threshold, the penalty is INR 1,000. In addition to these fees, interest at 1% per month will accrue on the unpaid amount if the taxpayer’s return is further delayed. Moreover, missing this deadline could disqualify taxpayers from carrying forward certain losses to offset future income, adding a longer-term financial impact.
To avoid these fines and ensure compliance, taxpayers should file their returns promptly if they fall into the category of audit-assessed taxpayers. This includes individuals in business or professional sectors subject to audit under the Income Tax Act.
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