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Business: The Income Tax Department had fixed the date for filing Income Tax Return as 31 July 2024. Although many taxpayers have filed the return (ITR Filing) within the deadline and will soon get their tax refund.But still many taxpayers have not filed ITR.
Now the question is whether taxpayers can still file income tax returns?
The answer is yes, taxpayers can file returns by paying penalty. Let us tell you that interest along with penalty is charged for filing returns late. If the return is not filed by 31 July 2024, then you can file the return till 31 December 2024.
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How much penalty to pay
Under Section 234F of the Income Tax Act, the taxpayer has to pay a penalty. Taxpayers whose income is less than Rs 5 lakh will have to pay a penalty of Rs 1,000. Whereas taxpayers with an annual income of more than Rs 5 lakh have to pay a penalty of Rs 5,000. Apart from this, under Section 234A of the Income Tax Act, the taxpayer also has to pay interest on tax.
If you have filed the return but have made a mistake in it, then you are allowed to file a Revised Return.
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