ITR Deadline: File Your Returns to Avoid Penalties and Stay Informed

As India enters another annual tax season, it's essential to stay informed about filing your Income Tax Returns (ITR). Please find below all the details you need, covering the deadline, penalties for late filing, common mistakes to avoid, and more.

When is the Last Day to File ITR?

The deadline for filing income tax returns for FY23-24 (Assessment Year 2024-25) is July 31, 2024, marking the end of this month.

What Happens if You Miss the Deadline?

Taxpayers who miss the July 31 deadline can still file a delayed return by December 31, 2024, for FY23-24 / AY24-25.

Penalty for Missing the Deadline

Late filings attract penalties ranging from ?1,000 to ?10,000, depending on the duration of the delay. Delayed ITRs may also lose out on certain tax deductions and face heightened scrutiny from the Income Tax Department.

Choosing the Correct ITR Form Ensure you select the right form:

• ITR-1: For individuals with income from salary, one house property, and other sources.
• ITR-2: For individuals and HUFs without business income.
• ITR-3: For individuals and HUFs with income from business or profession.
• ITR-4: For presumptive income from business or profession.

Documents Needed for ITR Filing

Gather these essential documents before filing:

• Form 16 (from current and former employers if applicable)
• PAN Card and Aadhaar Card (linked to PAN)
• Investment proofs (e.g., bank deposits, PPF deposits)
• Home loan interest certificate
• Insurance premium payment receipts

Staying organized and filing your ITR accurately and on time ensures compliance with tax regulations and maximizes potential tax benefits. Prepare early and avoid common filing mistakes for a smooth tax season ahead.