Did you miss ITR filing July 31 deadline? Penalties you need to pay now

ITR filing July 31 deadline: The Income Tax Department did not extend the deadline and taxpayers who missed the ITR deadline will need to pay penalties.

The last date for filing an Income Tax Return (ITR) for the Financial Year 2023-24, which was July 31, has passed. The Income Tax Department (IT Department) did not extend the deadline and those taxpayers who missed the ITR deadline are required to pay extra amounts as penalties. This taxpayers will have to do while filing a belated return until December 31, 2024 as per the tax department. An income tax return (ITR) filed after the deadline of July 31 is called a belated return, as per section 139 (4) of the Income Tax Act.

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

What penalties are charged for missing ITR deadline

These are the penalties you have to pay for filing their ITR late based on your income level:

1. Taxpayers with net taxable income above ₹5 lakhs for FY24 can file a belated tax return penalty of up to ₹5,000.

2. Those with net taxable income is below ₹5 lakhs for the financial year (FY24), penalty on belated ITR is limited to ₹1,000.

What happens when one misses filing an ITR on time?

In addition to facing penalties on belated ITR filing, income taxpayers will also lose certain advantages and privileges. These are:

1. Income taxpayers have the option to file taxes based on new and old tax regimes but failing to file ITR within the deadline will deprive taxpayers of this choice.

2. Filing ITR after the deadline doesn't let individuals carry forward their losses incurred from investment tools.