The financial year 2024–25 of FY25 is about to come to a close, and some of the most crucial aspects of this development are taxation, more particularly income tax returns, or ITR.
Last To File ITR Is Here
The last date for Income Tax Return filing for the assessment year 2024-25 was extended to Wednesday, January 15.
Therefore, the last day to file your ITR is today. This belated filing deadline came to pass after two extensions. The original ‘deadline’ for ITR filing was July 31, 2024.
Before this, the last deadline was on December 31, 2024.
This extension only happen after judicial intervention from the Bombay High Court, which brought interim relief to taxpayers.
Do You Have To Pay More This Time?
For those who missed the original deadline of July 31, 2024, they have the option of filing their taxes, but there is catch. This transaction will carry some penalties.
Taxpayer with income of up to Rs 5 lakh will have shell and an additional Rs 1,000 as late fee from their pockets.
When it comes to those with an income of above Rs 5 lakh, the late fee rises to Rs 5,000.
What Happens If You Miss The Deadline?
With no sign of further extension, what happens if you fail to file your tax returns today?
On the occasion of failing to file ITR by the latest belated deadline, taxpayers could be looking at notices from the Income Tax Department.
Taxpayer who fails to file their returns could also lose the option of filing or revising their income tax returns.
In addition, the government could also impose additional penalisties on defaulters.
