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Filing your income tax return on time is crucial to avoid financial penalties, including interest and fees. Timely submission ensures compliance and prevents extra costs.
The current deadline for submitting an ITR for the 2023–2024 fiscal year is July 31, 2024. The finance ministry has not formally announced that this deadline will be extended.
If you miss the July 31 deadline, you can still file your tax return, but with a late fee. This is known as filing a belated return.
The deadline for belated ITR filing for FY 2023-24 (AY 2024-25) is December 31, 2024, with extra fees.
Late filing incurs a fee of Rs 5,000 (Rs 1,000 for incomes up to Rs 5 lakh) plus interest on unpaid taxes from the original due date.
Section 276CC imposes penalties, including 6 months to 7 years imprisonment and fines, if tax evaded exceeds Rs 25,000.
Filing on time ensures you can claim tax refunds, earn interest on refunds, and avoid notices or scrutiny from the Income Tax Department.