New Delhi: The Income Tax Department has clarified that July 31 remains the last date for filing Income Tax Returns (ITR) for the fiscal year 2023-24. All-India Federation of Tax Practitioners (AIFTP) urged the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for the assessment year 2024-25 from July 31 to August 31. As speculations were ripe for an extension to the deadline, the department has clarified that no deadline or extension shall be provided this year. It further urged the taxpayers to file returns on time to avoid penalties.
In a recent post on X, the Income Tax Department announced that over five crore ITRs have been filed since July 26. “We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs)”, wrote the department on its official X handle.
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What If You Fail To pay Income Tax?
If a taxpayer misses the ITR deadline, you will have the option to file a belated ITR until December 31, 2024. You will be charged a penalty if the taxpayer fails to file returns within the deadline. You will have to pay a penalty of ₹1,000 if your total annual taxable income is below ₹5,00,000 and above that the penalty is ₹5,000. Moreover, you will not be able to opt for the old tax regime for tax calculation purposes if you miss the deadline.
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