The annual tax season is coming to an end. So, what happens if you do not submit your ITR today?
Reetu | Jul 31, 2024 |
ITR Filing: What happens if you don’t file your ITR today by the Deadline? Know Here
Attention, taxpayers! The annual tax season is coming to an end, with the deadline for submitting individual income tax returns set for today, Wednesday, July 31.
Despite concerns about a possible extension, officials have not yet proposed any adjustments to the deadline. Last year, many taxpayers were surprised when no extension was granted. So, what happens if you do not submit your ITR today? Let’s find out.
First and foremost, people who fail to pay their returns by July 31 will be subject to a penalty. Belated returns for the fiscal year 2023-2024 must be submitted by December 31, 2024. So, while you can still file the returns, you will have to pay a fee of Rs.5000 under Section 234F of the Income Tax Act of 1961. For people with incomes up to Rs.5 lakh, the penalty for missing the tax filing deadline is a maximum of Rs.1,000. It is vital to note that this penalty is levied even if no actual tax is due.
In addition to the late fee, individuals will be responsible for interest on any outstanding taxes. This interest accrues from the initial due date until the balance is entirely paid.
Those who meet the following criteria and fail to file ITR on time will be eligible to pay the penalty.
Income Exceeds Basic Exemption Limit
Taxpayers with income in excess of the basic exemption level suffer penalties for filing late. The threshold varies per tax regime: the new regime puts it at Rs 3 lakh for all taxpayers, whereas the previous regime had varied restrictions based on the taxpayer’s age.
Section 139(1) Conditions
Foreign Travel: If you spend Rs.2 lakh or more on abroad travel, you need to file the ITR.
Electricity Bills: If your electricity bills amount to Rs.1 lakh or more, you must file.
Bank Deposits: Deposits of Rs.1 crore or higher in current accounts require an ITR.
Holding Foreign Assets
If you have foreign assets or income, you must file an ITR regardless of your income. In these cases, late filing incurs a penalty.
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