ITR Filing Deadline Over, Check Why December 31 Is Important For Individual Tax Filers

Individual tax payers who have missed the July 31 deadline of filing Income tax returns, December 31 is another important deadline. Why So? Check out.

New Delhi: Despite numerous speculations the Income Tax department has not extended the deadline (July 31) to file ITR for FY 2023-2024 or AY 2024-2025. 

However, those who have missed filing ITR for 2024 should not worry, for they can now can file a delayed return by December 31, 2024.

What Is Belated ITR Return?

Belated Return is the ITR filed by a taxpayer after missing the due deadline. Taxpayers file a belated return under section 139(4) of the income tax Act. The process of filing belated tax returns is similar to filing the usual ITRs -  select the applicable ITR form and fill in the required information online or offline.

Why December 31 Is Important For Individual Tax Filers?

Individual tax filers can file their ITR for FY 2023-2024 or AY 2024-2025 till December 31. This facility only extends to them and not to other tax payers like Charitable institutions, agencies, forms and institutions. These category of tax filers, which are required to get audited, can file income tax till 31st October only.

I-T Dept Extends Gratitude

The Income Tax department had yesterday tweeted saying, "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm! To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X. We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2024-25, to file their ITR."

More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!

To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support… pic.twitter.com/92z0rjSA13

— Income Tax India (@IncomeTaxIndia) July 31, 2024

Penalty For Filing Belated ITR

You will have to pay a penalty of Rs 1,000 as late fee charges, if your salary is below Rs five lakh per annum while for annual income over Rs 5 lakh, the penalty is Rs 5,000.