A ₹1,000 penalty is charged for taxable income less than ₹5 lakh, and ₹5,000 is charged for taxable income exceeding that, but some get deadline extensions.
The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 is Wednesday, July 31, 2024. Any filing that is done post this date will incur a penalty, which depends on the income level of the payer. However, there are some parties who can file their ITR even after the due date.
Some taxpayers get a deadline extension for filing income taxes (Pexels)
Who can file their Income Tax Return (ITR) after the due date of July 31?
Individuals and businesses requiring auditing
Individuals and businesses whose accounts require auditing can file their income taxes up to an extended deadline of October 31, 2024.
An extra three months is given to these people for convenience by the Income Tax Department to get their accounts audited by a recognised Chartered Accountant.
Businesses performing international transactions
Businesses which are involved in international transactions usually require extensive analysis and documentation when it comes to transfer pricing. They are thus, given an extended deadline for filing ITR, which is November 30.
Businesses performing certain specified domestic transactions
Businesses which are engaged in certain specified domestic transactions that requires detailed reporting and compliance processes may also qualify for a deadline extension.
