The deadline to file your income tax return (ITR) for financial year 2023-24 is July 31, 2024. But you can still file your return after this date, though penalties might apply.
However, the Income-tax Act, 1961 provides extended deadlines to certain individuals and businesses, depending on specific circumstances, such as audit requirements or complex transactions.
So, here are the category of taxpayers who can file their returns after the July 31 deadline.
Who Can File Return After July 31, 2024 Deadline?
Individuals and Businesses Requiring Audits: The deadline for filing ITRs is extended to October 31, 2024, for individuals and businesses needing an audit. This extension provides an additional three months to complete the audit and file the ITR, beyond the usual deadline.
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Businesses Involved in International Transactions: Businesses engaged in international transactions often face complex requirements related to transfer pricing and extensive documentation. These businesses are granted an extended deadline until November 30, 2024, to file their ITRs. This extra time helps ensure compliance with international tax regulations and thorough reporting.
Businesses With Specified Domestic Transactions: Certain businesses involved in specified domestic transactions, which require detailed reporting and compliance procedures, may also qualify for extended deadlines. The specific conditions and extended dates for these businesses can vary based on the complexity of the transactions and the requirements set forth by the Income-tax Act, 1961.
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To qualify for these extended deadlines, taxpayers must meet specific eligibility criteria as outlined in the Income-tax Act, 1961. These criteria often involve detailed documentation and adherence to particular sections of the Act. Even with extended deadlines, some late filing fees may still apply depending on the circumstances.
Penalty For Late Filing Of ITR
The penalty for filing an income tax return (ITR) after the deadline depends on your taxable income. 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. In addition to this penalty, any interest owed on the amount of unpaid taxes must also be paid.
Recognising the confusion many taxpayers face with various taxation deadlines and guidelines, the income tax department has significantly enhanced its services, offering 24/7 assistance through multiple channels. This improvement ensures greater convenience by allowing taxpayers to get help anytime and anywhere, reducing anxiety and frustration, and providing a choice of communication channels that best suit their needs.
How To File Late ITR?
If you file your income tax return after the deadline has passed, the process is the same as filing it before the deadline. However, when filling out the late ITR form, you need to select Section 139(4) instead of 139(1). Section 139(1) is to be selected if you file your ITR on or before the due date, which is July 31, 2024.
