- By Aditya Pratap Singh
- Tue, 16 Jul 2024 12:20 PM (IST)
- Source:JND
ITR Filling Last Date: If your income is more than the basic exemption limit, you must file an Income Tax Return (ITR). The process for filling out ITR was started on April 1, the day when the new financial year commenced, and the last date for the same is July 31. You can avail numerous benefits by filing your return on time like you will get your refund on time, If you need a home loan or a car, your loan application will be processed more quickly. Despite a long period of over 120 days, many taxpayers are unable to file their returns on time due to various reasons. The question is what they should do in such situation.
Belated Income Tax Return
According to experts, taxpayers should make every effort to file their returns (Income Tax Returns) on time. Still, if a taxpayer misses the deadline, they may file the return till the last day of the calendar year, December 31st, as a Belated Return. The Income Tax Department has only provided the facility of filing belated returns for those who miss filing returns on time due to some compulsion.
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Taxpayers need to pay a penalty
Taxpayers must pay a penalty for filing belated returns. If a taxpayer's annual income is less than Rs 5 lakh, they must pay a penalty of Rs 1,000 for belated returns. A taxpayer who earns more than Rs 5 lakh must pay a penalty of Rs 5,000. In addition to the penalty, the taxpayer will also have to pay interest on the tax amount. This interest will be calculated from August 1st until the date the belated return is filed.
Disadvantages of not filing income tax returns on time
There are numerous disadvantages to not filing returns within the deadline. The taxpayer will not be able to carry their losses forward to the following years. In the case of a belated return, only the loss from house property can be carried forward. Experts advise taxpayers to file their returns before the deadline. They should not wait until the last minute to file their returns. If you have any problems filing your returns, you can get assistance from a tax consultant.
