ITR Filing Deadline: Today is the last date to file taxes, if you do not do this work then you will not be able to choose the Old Tax Regime

ITR Filing Last Date Today: From August 1, the option to file ITR under the Old Tax Regime for the financial year 2023-24 will be closed. In such a situation, you may suffer a big loss.

ITR Filing Deadline: The last date to file an Income Tax Return (ITR) for the financial year 2023-24 is July 31. After today, if you file income tax, then you will have to pay a penalty, as well as you will not be able to choose the Old Tax Regime for the financial year 2023-24. From August 1, the option to file ITR under the Old Tax Regime for the financial year 2023-24 will be closed. In such a situation, you may suffer a big loss.

Two types of tax slabs

When you file ITR, you have two options to choose the tax slab. New tax regime and old tax regime. Currently, the new tax regime is by default. In the new tax regime, tax is not payable on income up to Rs 7 lakh. Whereas in the old tax regime, if the income is up to Rs 5 lakh, then you will not have to pay income tax. But those taxpayers who want to save tax by taking advantage of deductions, choose the old tax regime. You can shift from the new tax regime to the old tax regime till July 31. But after this, you will not get this option. After this, you will have to pay tax according to the new tax regime.

Penalty up to Rs 5,000

If you file tax after the last date, then it is called Belated ITR. In such a case, there is a provision of penalty. In such a situation, if your taxable income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1000 while filing ITR. At the same time, a fine of Rs 5,000 will have to be paid under Section 234A of Income Tax.

Benefits of paying tax on time

Let us tell you that the process of filing an income tax return starts on April 1 and you have a chance to pay tax till July 31. In such a situation, if you pay tax on time, then you get many benefits. Like - you avoid paying a huge penalty, you get rid of the hassle of getting notices, on applying for a loan, and banks or other financial institutions ask you for a copy of the ITR statement as income proof. You can give that easily, along with that your refund also comes on time.