13 days from now, i.e., 31st July 2024 is the last date for salaried individuals, non-resident Indians (
Remember that if you are a salaried individual and do not file your ITR by July 31st, you could face serious consequences, which include:
- In case your net annual taxable income is up to Rs 5,00,000, you will have to pay a fine of Rs 1,000 while filing your belated return.
- If your net annual taxable income exceeds Rs 5,00,000, you will have to pay a fine of Rs 5,000.
In case you have significant investments in ELSS,
For businesses which require an audit before filing their ITR, 31st October 2024 is the last date to file ITR, sans any penalties.
Filing revised/belated ITR
The last date for filing a belated or revised ITR is 31st December. You can file a revised ITR in case: - You have unintentionally missed out on reporting any significant income
- You missed out on claiming tax-saving deductions in your initial ITR
- You have opted for the wrong ITR form, and want to change it
- You receive a notice from the IT department highlighting discrepancies in your original ITR
You can also file an updated return within 2 years of the relevant assessment year (in this case 2023-24). This means that the last date to file your updated return for this cycle will be March 31st, 2027. But note that you cannot revise your updated returns i.e., it can be filed only once for any particular assessment year.
Also, you will have to pay additional tax equal to 25% of the total of tax and interest payable, if you file the updated return before 12 months of the end of relevant assessment year.
In case you file your updated return after more than 12 months, but less than 24 months from the relevant assessment year have passed, your additional tax payable would be 50% of the aggregate of tax and interest payable.