Income Tax Returns (ITR) Filing: It is the annual tax season again in India, as we bring you all the details you need to know to file your income tax returns — including the deadline, penalty for missing the deadline, common mistakes to avoid and more. Take a look.
When Is The Last Day To File ITR?
The last date for filing income tax returns for FY23-24 (Assessment Year 2024-25) is July 31, 2024. That is the end of this month.
What If You Miss The Deadline?
Taxpayers who miss the July 31 deadline can still file a delayed return by December 31, 2024, for FY23-24 / AY24-25.
What is the penalty for missing deadline?
While you are allowed to file delayed ITR till the year-end, please note that these filings will attract penalties between ₹1,000 and ₹10,000 depending on the duration of delay.
Also, the more you delay your ITR filing, such returns may lose out on certain deductions for lower tax, and would likely be subject to increased scrutiny from the Income Tax Department.
What Are The Correct ITR Forms To Fill?
The I-T Department released the online and offline ITR forms for FY24 in April. Here’s how to choose the correct form as per the right criteria.
What Documents Do You Need To File ITR?
Before filing your ITR keep the following documents ready as applicable: Form 16 (from current employer and former employer if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), investment proofs (including bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts.
