It’s July 31 and there’s no indication yet that the income tax department will extend the due date for filing income tax returns for the financial year 2023-24 (assessment year 2024-25).
So, for salaried tax-payers and other individuals – essentially those who have no audit requirements – the clocking is ticking away. You have to brace yourselves to complete the annual ITR filing ritual before midnight.
Who can file returns after July 31
Now, there are some categories of tax-payers who have time until October 31 or November 30 to file their returns.
– These include companies and non-corporates (partners in firms, Hindu Undivided Families, businesspersons etc) whose books of accounts are required to be audited.
Read More: ITR Filing Deadline: What happens if you don’t file your ITR today? Check late fee penalties here
– Then, there are some assesses who can file their returns by November 30; these are the tax-payers who have entered to certain international or domestic transactions and have to furnish an audit report from chartered accountants under section 92E of the Income Tax Act, 1961.
“(November 30 is the due date for filing original) return of income for the assessment year 2024-25 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s),” the income tax department website says. For instance, activities such as purchase, sale or lease of tangible or intangible property, provision of services, lending or borrowing money between two entities where at least one has the non-resident status will qualify as international transactions under this section.
Read More: ITR filing deadline July 31: How new CBDT portal makes tax filing easier and safer
Deadline looms for salaried tax-payers
If you do not fall in the categories mentioned earlier, you will have to file your returns by July 31. While you can file belated returns by December 31, 2024, there will be repercussions.
For one, if you have concluded that the old, with-exemptions regime helps you net higher tax savings, you have no time to lose. Not filing returns before July 31 will mean losing out on the tax benefits under the regime.
The new, simplified or minimal exemptions framework is the default regime from FY 2023-24 onwards and your taxes will have to computed accordingly if you miss the July 31 due date.
This apart, you will not be able to carry forward your capital losses, if any, for set-off in future years, besides having to pay late-filing fees of Rs 5,000 (Rs 1,000 if your total income is less than Rs 5 lakh) and interest.
