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The deadline for filing the income tax return (ITR) for the financial year 2023-24 is July 31, 2024. But one can still file the return after this date, though penalties might apply.
The Income-tax Act of 1961 provides extended deadlines to certain individuals and businesses, depending on specific circumstances, like audit requirements or complex transactions.
Individuals and Businesses Requiring Audits: For individuals and businesses needing an audit, the deadline for filing ITRs is extended to October 31, 2024. This extension provides additional three months to complete the audit and file the ITR.
Businesses that are engaged in international transactions often face complex requirements related to transfer pricing and extensive documentation. These businesses have been granted an extended deadline until November 30, 2024, to file their ITRs.
Some businesses that are involved in specified domestic transactions, which require detailed reporting and compliance procedures, may also qualify for extended deadlines. The extended dates for these businesses vary based on the complexity of the transactions and the requirements set forth by the Income-tax Act, 1961.
Penalties for filing an income tax return (ITR) after the deadline depends on taxable income. For instance, for taxable income up to Rs. 5 lakh, the maximum penalty is Rs. 1,000, while for income exceeding Rs. 5 lakh, the maximum penalty is Rs. 5,000.