Missed ITR filing July 31 deadline? Check the penalties you need to pay
The last date for filing an Income Tax Return (ITR), July 31, for the Financial Year 2023-24, has passed. As the Income Tax Department (IT Department did not extend the due date. Now income tax return (ITR) filed after the deadline of July 31 is called a belated return, as per section 139 (4) of the Income Tax Act. Penalties charged for missing ITR deadline Taxpayers have to pay penalties for filing their ITR based on their income level. -Taxpayers with net taxable income above ₹5 lakhs for FY24 can file a belated tax return penalty of up to ₹5,000. Whereas, for the people, whose net taxable income is below ₹5 lakhs for the financial year (FY24), penalty on belated ITR is limited to ₹1,000. What happens when one misses filing an ITR on time? In addition to facing penalties on belated ITR filing, income taxpayers also end up getting certain advantages and privileges that they used to have before the deadline. Following are the two major disadvantages (apart from penalties) for individua