Income Tax Returns: Today is the last day to file ITR, how much penalty will you have to pay if you are unable to file the return?

ITR Filing: This time the last date for filing ITR is 31st July. If you are unable to file your return by this date, then how much penalty will you have to pay, let's know-

ITR Filing FY 2023-24 Last Date: If you have not yet filed ITR for the financial year FY 2023-24, then today is its last day. You have to pay a penalty for delay in Income Tax Return (ITR Filing). If you also want to avoid any kind of penalty, then you can file your return by 12 o'clock in the night. The last date for filing return for 2023-24 is 31 July 2024. The All India Federation of Tax Practitioners (AIFTP) has demanded the CBDT to extend the last date for filing income tax return to 31 August. But if the last date is not extended, then how much penalty will you have to pay for filing the return after 31 August. Let's know-

There could also be legal consequences.

The penalty amount in this case is Rs 1000.

If your income is Rs 5 lakh or less, then the maximum penalty amount for filing late ITR for taxpayers during a financial year is limited to Rs 1,000. Individuals earning more than Rs 5 lakh in the financial year 2023-24 may have to pay a fine of up to Rs 5,000 for filing returns late. For this reason, the Income Tax Department keeps reminding people repeatedly to file ITR on time.

Penalty is imposed by the Income Tax Department if there is a delay in filing separate

ITR according to your income. But this penalty varies according to your income. Filing ITR is very important for every person, whether he comes under the purview of income tax or not. It tells how much you have earned in total during the last financial year. Filing ITR on time is good for you in many ways.