Title: ITR 2024 Deadline Today | Last Date To File ITR |Know All About Extention, Refunds, Penalty

The deadline for filing income tax returns (ITR) ends today, which is July 31.

So far, over six crore ITRs have been filed for AY 2024-25, as per the Income Tax Department.

But if you are someone who hasn’t filed yet, here are all your questions answered.

Who should file ITR for FY 2023-24?

Any individual below 60 years of age has to file an ITR, if their income exceeds Rs.2.5 lakhs.

However, under the new regime, the basic exemption limit for individuals below the age of 60 years is Rs. 3 lakhs.

So any person earning over 3 Lakh rupees must file an ITR.

Are there exceptions to the ITR deadline?

Yes, Businesses that are involved in international transactions require extensive analysis and documentation for transfer pricing. The deadline for these is November 30, 2024.

And businesses engaged in specified domestic transactions that require detailed reporting and compliance procedures. Their deadline is October 31st.

What documents do you need to keep ready for processing ITR

Taxpayers must have the following documents ready for filing their ITR:
Aadhaar Card
Form 16 (from current employer and former employer if you changed jobs mid-year),
PAN Card (PAN-Aadhaar must be linked),
Investment proofs (including bank deposits, PPF deposits, etc. for calculating deductions),
Home loan interest certificate,
Insurance premium payment receipts, and
AIS from the IT portal

Now, onto the big question, What is if you miss the ITR deadline?

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

However, those who file delayed ITR would be liable to pay penalties ranging between ₹1,000 and ₹10,000 and that depends on the duration of the delay and the taxable income slab.
Another setback of filing a delayed ITR is that you can lose out on some tax deductions that would have reduced your tax liability.

Finally, will the deadline be extended?

The deadline to file Income Tax Returns (ITR) for AY2024-25 is today, and the Income Tax Department has yet to announce any extension. Many citizens and tax professionals have cited glitches on the tax filing portal as a reason for requesting more time, but the IT department has stuck to its deadline.


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