Missed ITR filing July 31 deadline? Check the penalties you need to pay
Published By Isha Dharam Pal | 03 Aug, 2024
The IT Department did not extend the deadline, income taxpayers who missed the ITR deadline are required to pay extra amount as penalties.
Credit : PEXELS
ITR filed after the deadline of July 31 is called a belated return, as per section 139 (4) of the Income Tax Act.
Credit : PEXELS
Penalties charged for missing ITR deadline :
Credit : istock
Taxpayers with net taxable income above ₹5 lakhs for FY24, can file a belated tax return penalty on belated ITR is limited to ₹5,000.
Credit : PEXELS
If Income is below ₹5 lakhs for the financial year (FY24), penalty on belated ITR is limited to ₹1,000.
Credit : PEXELS
what happens when one misses filling an ITR on time?
Credit : PEXELS
New Tax regime
ITR within the deadline deprives individuals of the freedom of choosing their regime as they are automatically shifted to the new tax regime. Unlike old tax regime, new tax regime lacks deductions and also offers limited exemptions.
Credit : PEXELS
Carry forward of losses
Individuals carry forward their losses incurred from investment tools like stocks, mutual funds, properties, etc.