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The Income Tax Department has begun sending reminders to taxpayers through emails and SMSes to ensure they meet the ITR filing deadline and avoid penalties.Each July, the tax department persistently reminds taxpayers of the due date until the deadline passes.The deadline for filing your Income Tax Return (ITR) for the assessment year 2024-25, if your accounts are not subject to tax audit, is July 31, 2024. Filing your ITR after the deadline incurs penalties. If your net taxable income is up to Rs 5 lakh, the maximum penalty for a belated tax return is Rs 1,000. For incomes exceeding Rs 5 lakh, the penalty is Rs 5,000. No penalty is levied if your total income falls below the basic exemption limit, according to the Income Tax Act.Additionally, late filers might face penalties in the form of interest charges and the loss of certain benefits typically enjoyed by timely filers. However, taxpayers are advised to adhere to the filing deadlines as missing the deadline can result in not just the late filing penalty, but also other penalties and restrictions enforced by the Income Tax Department.

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National :ITR Filing 2024 Deadline: What Happens If You Miss the July 31 Income Tax Return Filing? Here's What You Need to Know

Missing the July 31 deadline for filing Income Tax Returns (ITR) in India can lead to several financial and ... ...

National :ITR Filing 2024 Deadline: How Much Will You Pay As Penalty If You Miss Filing Income Tax Return On July 31?

The Income Tax Department has begun sending reminders to taxpayers through emails and SMSes to ensure they meet the ... ...