Income Tax News: The last date for filing Income Tax Returns (ITR) for the financial year is July 31, and taxpayers are urged to file their returns by this deadline to avoid penalties. The Income Tax Department has specified different deadlines and penalties for various categories of taxpayers.
Penalties for Late Filing
Taxpayers who miss the July 31 deadline will incur penalties based on their annual income:
- Annual income above Rs 5 lakh: A late fee of up to Rs 5,000 will be imposed.
- Annual income below Rs 5 lakh: A late fee of Rs 1,000 will be imposed.
To avoid these penalties, taxpayers must ensure that their ITR is filed by the due date.
- Extended Deadlines for Specific Categories
Certain taxpayers have been granted extended deadlines due to the nature of their financial activities:
- Audit Requirement:
- Businessmen or individuals whose accounts need to be audited have a different deadline. They can file their ITR until October 31. This extension allows them to complete their audits by a recognized Chartered Accountant (CA) before filing their returns.
- Transfer Pricing Reports:
- Businesses involved in international transactions that require a transfer pricing report are given additional time. These businesses can file their ITR until November 30. This exemption also applies to certain types of domestic transactions that require detailed reporting.
As the July 31 deadline approaches, individual taxpayers are reminded to file their ITR promptly to avoid penalties. Those who fall under the categories with extended deadlines should also plan accordingly to meet their respective deadlines. Filing taxes on time ensures compliance with the Income Tax Department’s regulations and avoids unnecessary financial burdens.
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