ITR filing

Missed ITR filing July 31 deadline? Check the penalties you need to pay

The IT Department did not extend the deadline, income taxpayers who missed the ITR deadline are required to pay extra amount as penalties.

ITR filed after the deadline of July 31 is called a belated return, as per section 139 (4) of the Income Tax Act. 

Penalties charged for missing ITR deadline :

Taxpayers with net taxable income above  <span class='webrupee'>₹</span>5 lakhs for FY24, can file a belated tax return penalty on  belated ITR is limited to  <span class='webrupee'>₹</span>5,000.

If Income is below  <span class='webrupee'>₹</span>5 lakhs for the financial year (FY24), penalty on belated ITR is limited to  <span class='webrupee'>₹</span>1,000.

what happens when one misses filling an ITR on time?

New Tax regime

ITR within the deadline deprives individuals of the freedom of choosing their regime as they are automatically shifted to the new tax regime. Unlike old tax regime, new tax regime lacks deductions and also offers limited exemptions.

Carry forward of losses

Individuals carry forward their losses incurred from investment tools like stocks, mutual funds, properties, etc.