ITR Filing Deadline: Only 2 days are left for the deadline to file income tax returns. The last date for filing returns for the financial year 2023-24 is 31st July. Those who do not file ITR by this date will have to face a fine. The amount of penalty depends on your income. However, many people will be allowed to file returns even after 31st July. Today we are going to tell you which people and businesses will be able to file ITR even after 3 months of the deadline.
A fine of Rs 1000 to Rs 5000 will be imposed
According to the Income Tax Department, people whose annual income is less than Rs 5 lakh can file ITR even after July 31 by paying a fine of Rs 1000. However, if your income is more than Rs 5 lakh annually, then you will have to pay a fine of Rs 5000. If your income or business needs auditing, then you are given time till October 31, 2024 to file the return so that you can easily complete this work without paying a penalty. For this, you will have to get this audit done by a chartered accountant.
International business has time till 30 November
According to the Income Tax Department, businesses that use international transactions will be given time till November 30 to file ITR. In such businesses, many types of documents are required along with transfer pricing. Also, many domestic businessmen are also given extra time to file ITR. However, for this you have to fulfill many conditions of the Income Tax Act. Also, in many cases, late filing fees are also imposed on you.
Income tax department is giving all your answers
If you do not file your return by 31st July, you will be fined between Rs 1000 and Rs 5000. Apart from this, you may also have to pay a penalty on the outstanding tax. Many times taxpayers get confused about deadlines and guidelines. In view of their problems, the Income Tax Department has started 24/7 assistance through various channels. With its help, taxpayers can get answers to all their questions.
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