ITR Filing Last Date: ITR filing before the last date to avoid consequences and penalties

ITR Filing Last Date: Only about 20 days are left for the last date for filing income tax return i.e. 31st July 2024. You should file ITR before the last date, otherwise you will suffer a lot.

File ITR before the last dateImage Credit: Unsplash

There are only 20 days left for the last date to file income tax returns. If you want to file income tax return (ITR) without any loss, then you should do it by 31 July 2024. Otherwise you are sure to incur loss.

In fact, it has been seen many times before that due to the last time, many problems arise on the income tax website. Due to this, it becomes difficult for people to file ITR. Therefore, to avoid last minute problems, you should file your income tax return before the last date.

You may suffer this loss

If you do not file your income tax return by 31st July, you may face many losses. A complete list of these is given below. This includes everything from penalty to refund money…

1. If there is any problem on the income tax website on the last day, then your return may not be filed. After this, you may have to pay a penalty for filing the return.
2. If you file ITR after July 31, then you have to pay late fees. If your return comes under the tax exemption limit of Rs 5 lakh, then you have to pay a late fee of Rs 1,000. In some cases, it can be up to Rs 5,000.
3. If you do not file your income tax return by 31st July and if you have tax dues to the government, then you will have to pay interest and penalty on the outstanding tax.
4. At the same time, a big advantage of filing returns on time is that if you are due a refund from the government, you will get it in full on time.