Final 2 days to file late earnings tax, penalty, tips on how to file return after due date? Know extra – India TV

Taxpayers who’re but to file their Revenue Tax Return (ITR) for the monetary yr 2023-24 nonetheless have time until January 15, 2025, to kind out late returns. Lacking this deadline may end up in authorized notices, penalties, and different problems.

Late price for late submitting of ITR

• Revenue beneath Rs 5 lakh: Rs 1,000 late fee
• Revenue of Rs 5 lakh and above: Rs 5,000 late charges

The preliminary final date for submitting ITR with out a late price is July 31, 2024.

Tips on how to file your ITR?

1. Go to the official web site of the Revenue Tax Division.
2. Enter your PAN quantity.
3. Select the relevant ITR type based mostly in your earnings.
4. Choose AY2024-25 for FY 23-24.
5. Enter private info, reductions, and earnings statements.
6. Pay the relevant late price and make the submission utilizing the Aadhaar linked OTP.
7. Confirm your return by submitting a web-based or bodily copy to the Revenue Tax Workplace.

Penalties of lacking the January 15 deadline

1. Authorized notices: The Tax Division collects earnings statements from numerous sources. Failure to file ITR could set off experiences based mostly on undeclared earnings.
2. Carry ahead losses: Submitting earlier than the unique deadline (July 31) permits you to carry ahead a loss to offset future tax legal responsibility. Submitting now will value you this profit.

Recommendation for salaried workers

Salaried workers should submit proof of tax financial savings, reminiscent of contributions to a tax financial savings plan or dwelling mortgage receipts, to their employer’s finance division by January 15, 2025. If they do not thus, it might end in a direct deduction out of your wage.

Employers throughout India have set this deadline for submitting proof to calculate the suitable tax legal responsibility for the monetary yr.

To keep away from authorized points, penalties, and missed monetary advantages, make sure you file your belated ITR and submit tax proofs by the deadlines.

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