ITR Filing 2024-25: Pay your income tax before this date, otherwise you will have to pay the price..
This month is very important for taxpayers. This year ITR is being filed for the financial year 2023-24 (Assessment Year 2024-25). By now everyone must have come to know that the last date for filling out ITR is 31st July. If the ITR is not filed before this, then the taxpayer will have to file an ITR with a penalty. However, many times the last date for filing an ITR is extended, but there has been no such indication from the central government. Saving ITR for the last moment can prove to be costly.
In fact, around July 31, the traffic on the Income Tax Department website increases significantly, and due to congestion, it becomes very difficult to file ITR at times. Therefore, the earlier you get this work done, the better. Try to get this work done before 31st July.
If the deadline is crossed, then this much penalty will be imposed.
Although every taxpayer (taxpayers news) should complete this important work on time, if you are not able to file ITR on time, then you may have to pay a penalty. He will be able to file this ITR till 31 December 2024. However, due to delay in filing ITR, he may have to pay a penalty ranging from Rs 1000 to Rs 10,000. The amount of penalty will depend on how many days after the deadline the ITR is being filed.
At what income limit does ITR have to be filled?
Suppose your salary is above the basic exemption limit (Rs 3 lakh), then you will have to fill ITR (ITR filling form). If you are a resident of India but you also have assets outside the country. Whatever your salary slab is, if you are invested in the market through stocks, bonds, or ESOP, then you should still fill ITR. Even if you do business and your sales exceed Rs 60 lakh, you will have to file an ITR (ITR late filing penalty).
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