The last date for filing ITR is 31st July, i.e. you have to file tax by this date at any cost. If you delay it, i.e. if you file tax after 31st July, then you will have to pay a penalty.
According to the rules of the Income Tax Department, if you file ITR after the prescribed date, then you have to pay a penalty. But there is also a category for which a separate deadline is made. Know about it here-
First know how much fine will be imposed after July 31
If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of up to Rs 5,000 for filing ITR after the due date. On the other hand, if the annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee. But if you file the income tax by the due date of 31 July, then you can avoid the penalty.
Who can file ITR after July 31
For businessmen or individuals whose accounts need to be audited, the deadline for filing ITR is different. These people can file ITR till 31 October. They are given an additional 3 months by the Income Tax Department so that they can get their accounts audited by a recognized CA and then file their ITR.
They are allowed to file ITR till November 30
There is also exemption in filing ITR for certain types of transactions. If a business needs to file transfer pricing report in its international transactions, then such businesses are given extra time to file ITR. Such people can file their returns till 30 November. Apart from international transactions, such exemption is also given in certain types of domestic transactions.
