New Delhi – More than one and a half months have passed since the start of the new financial year and the rush to file ITR has not started yet. The Income Tax Department has already notified ITR Forms 1 to 7.
Apart from this, several changes have also been made in Form 16 which is given to employees by the employer. In such a situation, a question has arisen in the minds of many taxpayers that whether the last date of ITR will be different this time.
This time taxpayers will have to file income tax returns for the financial year 2024-25. However, the rush to fill the ITR form among taxpayers has not started yet. The main reason for this is the non-receipt of Form 16 from employers. First, many changes are being made in Form 16 this time and secondly, employers should make Form 16 available to their employees by June 15. Obviously, the real rush to file income tax returns will start only after June 15. If someone does not get Form 16, then he can also file his return through Form 26AS.
What is the deadline?
The last date for filing ITR is usually July 31 and it is believed that the last date will be the same this time too. For the convenience of taxpayers, the government has simplified the ITR form, in which most of the information will be pre-filled. To avoid last-minute rush, taxpayers are advised to file their returns well in advance.
What happens if the deadline is missed?
If a taxpayer misses the deadline of July 31, he still has time to file his return with penalty and interest. Such taxpayers can file their returns till December 31. They will only have to pay some penalty and interest. However, if there is a taxpayer who needs to get his account audited, then he gets a chance to file his return till October 31 without any penalty or interest.
How much is the penalty?
If an individual taxpayer fails to file his ITR by July 31, he will have to pay a penalty. The penalty amount is Rs 1,000 for income up to Rs 5 lakh, while taxpayers earning more than Rs 5 lakh are given a chance to file their returns by December 31 by paying a penalty of Rs 5,000. However, such taxpayers are not given any further opportunity to adjust their losses.
