The deadline for filing your Income Tax Return (ITR) for the assessment year 2024-25, provided your accounts are not subject to a tax audit, is July 31, 2024.
The Income Tax Department has not yet announced any extension for this year’s deadline.
For those requiring a tax audit, the ITR filing deadline extends to October 31, 2024. Additionally, revised and belated returns for AY 2024-25 must be submitted by December 31, 2024.
To streamline the filing process, the department offers various ITR forms and Excel utilities online at the beginning of each financial year.
Despite these provisions, many salaried individuals wait until they receive their Form 16 from their employers, typically distributed in late June or early July.
Given the July 31 deadline, taxpayers have a four-month period from April 1 to July 31 to gather all necessary income and investment information from the previous fiscal year and file their returns.
Failing to file your ITR by the deadline results in penalties. If your net taxable income is up to Rs 5 lakh, the maximum penalty for a late return is Rs 1,000.
For incomes above Rs 5 lakh, the penalty increases to Rs 5,000. No penalty applies if your total income is below the basic exemption limit, as per the Income Tax Act.
Ensure your accounts are up-to-date and file your ITR on time using the TallyPrime services from Seerweb Solutions. Stay compliant and avoid unnecessary penalties.