Income Tax Return Filing Date: Can You File ITR After July 31?

ITR Filing 2024 Last Date: Filing your income tax return (ITR) on time is crucial for several reasons. Missing the deadline can result in penalties and interest charges, which can range from a flat fee to a percentage of the tax owed, depending on how late the filing is. By filing your ITR on time, you can avoid these unnecessary financial burdens.

Also Read: ITR Filing: What Happens If You Don’t E-verify Return Within 30 Days Of Filing?

Additionally, if you are eligible for a tax refund, filing your ITR promptly ensures that you receive your refund sooner. Refund processing begins after the ITR is filed, so delaying the filing will only delay your refund.

ITR Filing Last Date Extension

If you are hoping that the ITR filing deadline will be extended, you might be disappointed. The July 31 deadline is unlikely to be extended, as there has been no formal announcement from the finance ministry yet.

ITR Filing Last Date 2024

The current due date for filing ITR for the financial year 2023-24 is July 31, 2024.

Can You File ITR After July 31?

You can still file your tax return even if you missed the deadline but with a late fee. This is called filing a belated return.

Belated ITR Filing Last Date

The last date to file a belated return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024.

ITR Filing Penalty After Due Date

However, note key reasons why you should not delay filing your ITR:

1. The fee for default in furnishing return of income shall be Rs 5,000 if the return has been furnished after the due date prescribed under section 139(1). However, the fee is Rs 1,000 if the total income of an assessee does not exceed Rs. 5 lakh.
2. On top of any late filing fees, you’ll also owe interest on any unpaid taxes. This interest accrues from the original due date until the full amount is settled.
3. In addition to incurring penalties and interest charges, filing a belated return has other drawbacks. Missing the July 31 deadline means you cannot carry forward certain losses to future years. Only losses from house property can be carried forward in the case of late filing.
4. Under Section 276CC, if the amount of tax payable or evaded exceeds Rs 25,000, the penalty for late filing of income tax returns includes imprisonment ranging from 6 months to 7 years, along with a fine.
5. Filing income tax returns is the only way to claim a refund for excess taxes deducted. Additionally, just as interest is charged on overdue taxes, taxpayers are eligible to receive interest on refunds if they file their returns within the prescribed schedule.
6. The Income Tax Department may issue notices or initiate scrutiny proceedings for delayed or non-filing of ITR. Filing your ITR on time can minimise the chances of being subjected to such inquiries, saving you from unnecessary stress and potential legal consequences.

Filing your ITR on time demonstrates your commitment to tax compliance and good financial practices. It helps you stay on the right side of the law and contributes to a transparent and efficient tax system.

Here are some tips for filing your ITR on time:

• Start early: Don’t wait until the last minute to file your ITR. This will give you enough time to gather all the necessary information and documents.
• Use the e-filing portal: The e-filing portal is the easiest and most convenient way to file your ITR. You can access the portal from anywhere and at any time.
• Get help from a tax expert: If you are not sure how to file your ITR, you can get help from a tax expert. They can help you to ensure that your return is filed correctly and on time.