New Delhi: The Income Tax Department has not extended the date for filing audit ITR for assessment year 2024-25. However, earlier the date for filing audit ITR was extended from 31 October 2024 to 15 November 2024.
But this time no information has been shared on the extension of the last date yet. In such a situation, taxpayers who were required to file ITR along with audit report, can no longer file it and they will have to face penalty and interest.
Audit ITR is necessary for these tax payers
This last date for filing ITR was for those taxpayers whose accounts were required to be audited under the Income Tax Act, Limited Liability Partnership (LLP) Act or Cooperative Societies Act. These include companies, firms, and other organizations that are required to file tax audit reports. Apart from this, companies that did not have specific domestic transactions or transfer pricing transactions also had to file their returns by November 15.
What to do after a missed date?
If you also had to file ITR with audit report and you have not filed your ITR by 15 November, then you can file “belated ITR”. However, you will have to pay penalty and interest on the late filing of return. The amount of penalty can be up to Rs 5,000, which will depend on your taxable income. Apart from this, you will also have to pay interest under section 234A and 234B.
Apart from this, if you had filed the tax audit report on time, but forgot to file ITR, then not only will you have to pay penalty and interest, but you will also not get a chance to transfer future losses to the next years. This means that you will not be able to take advantage of these losses in your next year’s income tax return.
Last date of belated ITR
Let us tell you that if you do not file your ITR by 15 November, then you have time till 31 December 2024, but this is only for those who did not file their returns on time. In this case, you will have to file belated ITR and a penalty will also be levied along with it.
This is the last date for taxpayers with international transactions
At the same time, taxpayers who have international transactions can file their ITR till 30 November 2024. However, for this it is necessary that you have submitted your Form 3CEB by 31 October. If you do not fill this form on time, then you will have to pay a fine of Rs 1 lakh and an additional 2% penalty.
