ITR filing deadline: Taxpayers are expecting that the date of filing the income tax return will be extended, so Central Board of Direct Taxes Chairman Ravi Agarwal clarified. The date for filing income tax return will not be extended beyond 31st July.
Last date for filing return is 31st July
Ravi Agarwal said that the last date for filing returns for assessment year 2024-25 is 31st July. Taxpayers who miss filing returns by July 31 will have to pay late payment fees and penalties.
He further said that as many as 5 crore taxpayers from the country have filed their returns till 26th July. On July 25, 28 lakh taxpayers filed their income tax returns in a single day.
Taxpayers who miss the deadline will have to pay a late fee
He thanked the taxpayers who filed their returns by July 26. Taxpayers whose returns are yet to be filed should file their returns before the due date. They should file their returns on time to avoid the rush to file returns at the last minute.
Taxpayers who miss the deadline for filing income tax returns will have to pay Rs. 500 has to be paid as late fee. Taxpayers whose total net income is Rs. 5 lakhs is less than Rs. 1 thousand has to be paid. Moreover, they will have to pay interest on the tax arrears at the rate of 12 percent per annum and one percent per month on the tax arrears. Under Section 234A of the Income Tax Act, a penalty is being levied on the arrears of tax.
