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The article discusses the deadline for filing Income Tax Returns (ITRs) in India for the financial year 2023-24, which is July 31, 2024. Late filing penalties are imposed for individuals and businesses that fail to submit their ITRs by this date. The penalty amount depends on the taxpayer's income level, with a ₹1,000 penalty for those earning less than ₹5 lakh and a ₹5,000 penalty for those earning more than ₹5 lakh.
However, the article clarifies that certain taxpayers are eligible for extensions beyond the July 31 deadline. The deadline has been extended to October 31, 2024, for individuals and businesses requiring account audits. This extension allows ample time for completing the audit process and submitting the ITR.
Additionally, the article outlines specific categories of taxpayers who can receive further extensions. These include businesses involved in international transactions, which often require extensive analysis and documentation related to transfer pricing. Such businesses are granted an extended deadline of November 30 to file their ITRs. Similarly, businesses engaging in specified domestic transactions may also qualify for extensions due to the complexity of their reporting and compliance procedures.
The article emphasizes that eligibility for these extensions is dependent on specific conditions outlined in the Income Tax Act. The requirements can be intricate and may involve particular sections of the act. While extensions provide additional time for filing, it is crucial to note that late filing penalties might still apply in certain situations, even with extended deadlines. The penalty for late filing is dependent on the individual's taxable income, with a maximum penalty of ₹1,000 for incomes up to ₹5 lakh and ₹5,000 for incomes exceeding ₹5 lakh.
The article concludes by highlighting the efforts made by the Income Tax Department to improve taxpayer services and provide comprehensive assistance. The department offers 24/7 support through various channels, ensuring accessibility and convenience for taxpayers. This initiative aims to simplify the tax filing process and address any concerns or questions taxpayers may have, thereby reducing anxiety and improving the overall taxpayer experience.
Source: ITR filing deadline: Who can file income tax return after July 31, 2024?