ITR Filing Closing date: What is going to occur when you move away out filing returns by July 31 this year?

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The gash-off date for filing Earnings Tax Returns (ITR) for FY 2023-24 is due on July 31 (Wednesday). Nevertheless what happens when you move away out the gash-off date of July 31? Listed below are a couple of things or no longer you will be capable to have to know.

In case a particular person misses the July 31 gash-off date, he’ll have the alternative to file a belated return by December 31 of this year but failing to publish your ITR on a brand contemporary date as successfully will consequence in the computerized task to the contemporary tax regime.

There are some speculations that the gash-off date of July 31 will web extended but that’s highly unlikely. In 2023 as successfully, a huge quantity of taxpayers were caught off guard when the gash-off date became no longer extended. In consequence of this truth, it is generally recommended to put collectively and file your returns on time to avoid wasting far from penalties and fines.

ITR Filing Closing date: What happens when you move away out filing returns by July 31 this year?

Presently, two tax regimes are being operated: the feeble regime and the contemporary regime which became launched in 2020 and functions revised tax slabs and concessionary rates.

In the event you fail to file your ITR by July 31, that you just would possibly perchance well also honest have the chance to publish a leisurely return and as per Half 234F of the Earnings Tax Act, leisurely filing charges of ?5000 is also levied. In case your earnings does no longer exceed ?5 lakh, the leisurely filing price is ?1,000.

Moreover, interest will more than doubtless be charged at the flee of 1 per cent per month or segment of the month on the famed tax quantity from the due date but the penalty imposed cannot surpass the volume of tax in arrears.

Alternatively, when that you just would possibly perchance well also honest have opted for the feeble tax regime, lacking the gash-off date would possibly perchance well well perchance consequence in losing its advantages. In the event you move away out the gash-off date, you will be robotically shifted to the contemporary tax regime, which is the default chance.

Folks who prefer to file their earnings tax returns leisurely will also want to supply up the alternative to raise forward any capital losses they can have suffered. This implies such taxpayers is perchance no longer able to utilize these losses to offset future beneficial properties resulting in a increased tax liability in coming years.

(With inputs from companies)