Last date to file ITR is today

Failing to file the returns could result in consequences, including legal notices, penalties, etc.

Hyderabad: Taxpayers who have not yet filed their Income Tax Return (ITR) for the financial year 2023-24 can submit their late or revised returns on the last date i.e., January 15.

In this short period, taxpayers must gather the required documents, calculate their tax liabilities, and submit their returns without penalties.

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Taxpayers must meet this deadline, as failing can result in severe consequences, including legal notices, penalties, and other complications.

Revised ITR can only be filed if the original ITR was filed on or before the deadline (July 31, 2024, for 2023-24). It allows corrections or updates to the original return. A belated ITR is filed when taxpayers miss the original deadline. It is subject to late fees and penalties.

If you missed the July 31, 2024, ITR filing deadline, you can still file a belated return, but with penalties. For income up to ₹5 lakh, the late fee is Rs 1,000, while for income above ₹5 lakh, the late fee is Rs 5,000.

For outstanding tax liabilities, one may incur 1% interest per month under Section 234A from July 31, 2024, to the date of filing of ITR.

Failing to file an Income Tax Return (ITR) could result in notices from the Income Tax department and additional penalties for the default.