Income Tax Return Filing Deadline Approaches: Key Points and Consequences
Deadline for Filing ITR: July 31, 2024
Importance of Timely ITR Filing:
* Legal obligation
* Proof of income for loans, visas, and government contracts
* Claim refunds for overpaid taxes
Consequences of Missing the ITR Filing Deadline:
Belated Return (by December 31, 2024):
* Interest penalty of 1% per month on unpaid taxes
* Late fee of Rs 5,000 (Rs 1,000 for income below Rs 5 lakh)
* Forfeiture of loss carryforward benefits
Updated Return (if unavoidable reasons):
* Filed after December 31, 2024
* Subject to specific conditions
Financial Year (FY) and Assessment Year (AY):
* FY23-24: Income earned from April 1, 2023, to March 31, 2024
* AY2024-25: Period for reviewing income and assessing taxes (April 1, 2024, to March 31, 2025)
Advance Tax Instalment Deadlines for FY23-24:
* June 15, 2023
* September 15, 2023
* December 15, 2023
* March 15, 2024
Compliance with these deadlines is crucial to manage tax liabilities and avoid penalties.
