ITR Filing 2024 Last Date: ITR is being filed for the financial year 2023-24. The last date for filing ITR is 31st July. If the return is not filed by this date, a penalty can be imposed on the income tax payer.
ITR is being filed for the financial year 2023-24 (Assessment Year 2024-25). The last date for filing ITR is 31st July. If ITR is not filed before this, then the income tax payer will have to file ITR with penalty. However, many times the last date for filing ITR is extended, there has been no such indication from the central government. Saving ITR for the last moment can prove to be costly.
Actually, around 31st July, the traffic on the Income Tax Department’s website increases a lot and due to congestion, it becomes very difficult to file ITR at times. Therefore, the earlier you finish this work, the better. Try to get this work done before 31st July.
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What if the timeline is crossed?
If you are not able to file ITR on time, then you may have to pay a penalty. They will be able to file this ITR till 31 December 2024. However, due to delay in filing ITR, they may have to pay a penalty ranging from Rs 1000 to Rs 10,000. The amount of penalty will depend on how many days after the deadline the ITR is being filed.
Who has to file ITR
If your salary is above the basic exemption limit (Rs 3 lakh), then you have to file ITR. If you are a resident of India but you have assets outside the country. Whatever your salary slab is, but if you are invested in the market through stocks, bonds or ESOP, then you should also file ITR. If you do business and your sales exceed Rs 60 lakh, then also you have to file ITR.
