These people are allowed to file ITR even after July 31, but if you miss it, you will not have to pay any penalty.
The last date for filing an ITR is July 31. If you file tax after the prescribed date, then you will have to pay a penalty. But there is also a category for which a separate deadline is made. Know about it here-
The last date for filing ITR is July 31, that is, by this date you have to file tax in any case. If you delay it, that is, if you file tax after July 31, then you will have to pay a penalty. According to the rules of the Income Tax Department, if you file an ITR after the prescribed date, then you have to pay a penalty. But there is also a category for which a separate deadline is made. Know about it here-
First, know how much penalty will be imposed after 31st July.
If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of up to Rs 5,000 for filing an ITR after the due date. On the other hand, if the annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as a late fee. But if you file the income tax by the due date of 31st July, then you can avoid the penalty.
Who can file ITR after 31st July?
For such businessmen or individuals whose accounts need to be audited, the deadline for filing an ITR is different. These people can file ITR till 31st October. They are given an additional time of 3 months by the Income Tax Department so that they can get it audited by a recognized CA and then file their ITR.
They are allowed to file ITR till 30th November.
Exemption is also given in filing ITR for certain types of transactions. If a business needs to apply a transfer pricing report in its international transactions, then such businesses are given extra time to file ITR. Such people can file their returns till 30th November. Apart from international transactions, such exemption is also given in certain types of domestic transactions.
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