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Revenue Tax Season, Revenue Tax Season Penalty, Belated ITR: With just some hours left within the revenue tax return submitting deadline (ITR submitting final date) of July 24, 2024, taxpayers who’re but to file it are dashing to finish it in time. In the event that they miss the deadline, not solely have they got to pay a penalty of Rs 5,000, however in addition they need to file a belated ITR for the monetary 12 months 2023-24. The final date for submitting belated ITR is December 31, 2024. Nonetheless, should you miss the July 31 ITR deadline, together with the financial penalty, there are lots of different penalties that you could be face. Let’s talk about them right here:
How a lot late charge it’s a must to pay
The Revenue Tax Division (I-T Division) prices a late charge of Rs 5,000 beneath Part 234F of the Revenue Tax Act, 1961. Nonetheless, in case your revenue is lower than Rs 5 lakh a 12 months, the late charge is Rs 1,000.
Cannot select outdated tax regime
If you don’t file ITR even right this moment, you will be unable to decide on the outdated tax regime for the monetary 12 months 2023-24. From August 1, the choice of submitting ITR beneath the outdated tax regime for the monetary 12 months 2023-24 might be closed. In such a state of affairs, if in case you have invested so much beneath Part 80C of the Revenue Tax Act and needed to file ITR beneath the outdated tax regime, you possibly can’t do it.
Curiosity penalty may also be chargedUnder Part 234A, a taxpayer may also need to pay curiosity on the fee of 1 per cent per thirty days on the unpaid tax quantity. So the extra months you delay, the extra curiosity might be charged.
Revenue tax refund will be delayed
The Revenue Tax Division takes about 4-5 weeks to ship a refund to your PAN Card-linked checking account. However should you file your ITR late, your refund could get delayed. The earlier you file ITR, the earlier the refund might be processed.
You may’t carry ahead loss
Beneath the revenue tax guidelines, you possibly can carry ahead some losses to the following 12 months. Nonetheless, should you file ITR late, you will be unable to hold it ahead.
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