ITR: Last day for filing returns, penalty for missing deadline, and more — All you need to know

When Is The Last Day To File ITR?

The past day for filing income taxation returns for FY23-24 (Assessment Year 2024-25) is July 31, 2024. That is the extremity of this month.

What If You Miss The Deadline?

Taxpayers who miss the July 31 deadline tin inactive record a delayed instrumentality by December 31, 2024, for FY23-24 / AY24-25.

What is the punishment for missing deadline?

While you are allowed to record delayed ITR till the year-end, delight enactment that these filings volition pull penalties betwixt ₹1,000 and ₹10,000 depending connected the duration of delay.

Who is required to record ITR?

• You are required to record your ITR if the aggregate of each your income / salary before deduction exceeds the basal exemption limit.
• You indispensable record ITR if you are a nonmigratory of India for income taxation purposes and ain immoderate plus extracurricular India successful your sanction arsenic a beneficial proprietor oregon person an involvement successful immoderate plus extracurricular India.
• You indispensable besides record your ITR adjacent erstwhile you are an authorised signatory for immoderate relationship maintained extracurricular India, immovable oregon movable.

• You are required to record ITR, irrespective of your income level, if you person invested successful shares, bonds, oregon mutual fund schemes of overseas companies oregon person Employee Stock Options (ESOPS).
• You person to record an ITR if you person paid energy charges of much than rs 1 lakh during the past year, adjacent if the energy transportation is not successful your name.
• You indispensable record your ITR if you person spent implicit ₹2 lakhs connected overseas question — yours oregon immoderate different person, arsenic agelong arsenic you person paid for the trip.
• You are requried to record ITR if bank deposits successful your sanction transcend ₹50 lakh combined successful 1 oregon much savings accounts, oregon exceeds rs 1 crore successful 1 oregon much existent accounts.
• You are required to record ITR, irrespective of your income level, if the worth of each your income from concern exceeds ₹60 lakh rupees.

What Are The Correct ITR Forms To Fill?

The I-T Department released the online and offline ITR forms for FY24 successful April. Here's however to take the close signifier arsenic per the close criteria.

• Choose ITR-1 form: For individuals with income from salary, 1 location property, and different sources.
• Choose ITR-2 form: For individuals and HUFs without concern income.
• Choose ITR-3 form: For individuals and HUFs with income from concern oregon profession.
• Choose ITR-4 form: For presumptive income from concern oregon profession.

What Documents Do You Need To File ITR?

Before filing your ITR support the pursuing documents acceptable arsenic applicable: Form 16 (from existent leader and erstwhile leader if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar indispensable beryllium linked), concern proofs (including slope deposits, PPF deposits, etc.), location indebtedness involvement certificate, and security premium outgo receipts.

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