What is the penalty for filing ITR after the deadline of July 31, 2024?
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Individuals who miss this date will have to pay the penalty for late filing of an Income Tax Return (ITR). An ITR filed after the last date is called a belated ITR.
Penalty for late filing of ITR
Under Section 234F of the Income Tax Act, 1961, a penalty of up to Rs 5,000 is levied for filing a belated ITR. For small taxpayers, the penalty amount is restricted to Rs 1,000 if the taxable income does not exceed Rs 5 lakh. Note that the penalty applies even when a belated ITR shows zero tax payable. A belated ITR can only be submitted and confirmed if the challan information for paying the late filing fee are included in the ITR form.
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According to income tax laws, taxpayers who satisfy conditions for mandatory ITR filing as per Seventh proviso of Section 139(1) of the Income Tax Act are as follows:
a) Spent Rs 2 lakh or more (either in single transaction or on aggregate basis) for himself or any other person for travel to a foreign country.
b) Paid Rs 1 lakh or more (either in a single transaction or on aggregate basis) as electricity bill during the financial year
c) Deposited Rs 1 crore or more in one or more current accounts either in a single transaction or on aggregate basis.
d) Any other prescribed conditions
Penal interest on tax
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