Taxpayers across India are bracing themselves as the countdown to the Income Tax Returns (ITR) filing deadline ticks closer. With 31 July 2024, fast approaching, individuals are being urged to submit their returns promptly to avoid facing additional charges or penalties.
The Income Tax Department has emphasised the importance of adhering to the deadline, warning that late filings will incur a late fee of ₹500 per month, up to a maximum of ₹1,000. Notably, ITR 1, ITR 2,ITR 4, and ITR 6 have been available on the e-filing portal since 1 April 2024, with over 23,000 returns already filed for the 2023-24 fiscal year, indicating early compliance.
This year brings a departure from tradition, allowing taxpayers to initiate their filings on the first day of the new financial year, simplifying compliance procedures and enhancing services. Among the available forms, ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to small and medium taxpayers, offering simpler alternatives for filing.
Taxpayers are reminded that the obligation to pay advance tax arises when their tax liability exceeds ₹10,000 within the financial year, with payments made on or before March 31 recognised as advance tax, providing clarity on compliance obligations.
In summary, as the 31 July deadline looms, taxpayers are urged to file their returns promptly to avoid penalties, with simplified forms and early filing options available to streamline the process and enhance compliance.
As the deadline for Income Tax Returns (ITR) filing approaches, taxpayers in India are reminded of the importance of timely compliance to avoid penalties. The Income Tax Department’s warning of late filing charges underscores the need for individuals to submit their returns promptly by 31 July 2024.
taxpayers are encouraged to file their ITRs promptly to avoid late filing charges and penalties. With simplified forms and early filing options available, individuals can streamline the process and fulfill their compliance obligations effectively. As the deadline approaches, Vakilsearch remains committed to providing support and guidance to taxpayers navigating the complexities of online tax filing.
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