ITR filing deadline: Who can file income tax return after July 31, 2024?

The deadline to submit your Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. Filing your ITR after this date will incur a penalty, which varies based on your income level. Many people are curious about who is allowed to file their ITRs even after the due date.

The deadline for filing ITRs has been extended to October 31, 2024, for individuals and businesses whose accounts require auditing. The purpose of this extension is to give you enough time to finish the audit and file your ITR. The Income Tax Department grants these individuals an extra three months to complete their audit with a recognized chartered accountant before filing their ITR.

ITR Filing Date Live Updates

Extended deadlines for certain taxpayers

Certain categories of taxpayers are granted additional time to file their ITRs. These include:

• Businesses involved in international transactions typically need extensive analysis and documentation for transfer pricing. To accommodate this, they are given an extended deadline of November 30 to file their ITRs.
• Businesses engaged in specified domestic transactions may require detailed reporting and compliance procedures. Consequently, these taxpayers might also qualify for an extended filing deadline.

The requirements to be eligible for these extensions can be complex and rely on particular sections of the Income Tax Act. In some cases, late filing fees may still be applicable even with extended deadlines.

Penalty for late filing of ITR

Your taxable income determines the penalty for filing an ITR after the deadline:

• The maximum penalty for taxable income up to Rs. 5,00,000 is Rs. 1,000.
• There is a maximum penalty of Rs. 5,000 for taxable income exceeding Rs. 5,00,000.

In addition to any interest owed on the amount of unpaid taxes, there is also this penalty. Extended filing deadlines are permissible for businesses that are subject to specific conditions, such as audit requirements or involvement in international transactions. However, there are still situations in which late filing penalties might be necessary.

Many taxpayers find the various taxation deadlines and guidelines confusing. The Income Tax Department has made notable progress in enhancing taxpayer services, including providing 24/7 assistance through multiple channels to ensure greater convenience.

This improves accessibility by letting taxpayers get help whenever they need it, no matter where they are or what time zone they are in. Quick problem solving reduces anxiety and annoyance, and taxpayers can choose the communication channel that best suits their needs.