ITR filing deadline is November 15; What to do if you miss the deadline?

The deadline for filing the income tax return (ITR) for FY 2023-24 has been extended to November 15, 2024, for taxpayers who require an income tax audit, along with other specified categories. The original due date was October 31, 2024. The Central Board of Direct Taxes (CBDT) announced the extension for filing ITR for the Assessment Year 2024-25 to November 15, 2024, to give taxpayers more time to complete their audits before submitting their returns.

Who must file ITR by November 15?

1. Any corporate assessee

2. Any non-corporate taxpayer whose financial records must be audited under the Income Tax Act or any other applicable law currently in effect.

3. Any partner of a firm whose accounts must be audited under the Income Tax Act or any other applicable law, or the spouse of such a partner if the provisions of Section 5A (relating to the apportionment of income between spouses under the Portuguese Civil Code) are applicable to that spouse.

What to do if you fail to file ITR?

If a taxpayer fails to file their ITR by the November 15, 2024 deadline, they can still file a belated return by December 31, 2024. However, this will incur penalties, including interest under Sections 234A and 234B. Furthermore, a penalty under Section 234F will be imposed, which could range from Rs 1,000 to Rs 5,000, depending on the taxpayer’s income level.

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