ITR filing deadline extension: Has the deadline to file ITR for audit cases been extended from November 15, 2024? However, the income tax laws allow the taxpayer to still file ITR (also known as belated ITR) as well
The Income Tax Department has not extended the deadline for filing income tax returns (ITR) for FY 2023-24 for taxpayers subject to audit and other designated income taxpayers.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Earlier, the tax department extended the deadline by 15 days for ITR filing for FY 2023-24 for audit cases from the original deadline of October 31, 2024. No further extension was announced by the tax department regarding this deadline.
Who was required to file ITR by November 15, 2024?
The deadline for ITR filing for FY 2023-24 (AY 2024-25) applies to taxpayers who have to file audit reports. According to the experts, the following taxpayers were required to file ITR by November 15, 2024:a) Income taxpayers whose accounts are required to be audited under any law (for instance, as per the Income-tax Act or Limited Liability Partnership Act or Co-operative Societies' Act etc.)
b) Partners of a firm whose accounts have to be audited under any law.
c) A company (e.g. an Indian company, or a foreign body corporate including a foreign company) not having specified domestic transaction or transfer pricing transactions.
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Marketing
Marketing & Sales Strategies for Startups: From Concept to Conversion
By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience
Artificial Intelligence(AI)
Basics of Generative AI: Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, IT Specialist and Developer
Data Science
MySQL for Beginners: Learn Data Science and Analytics Skills
By - Metla Sudha Sekhar, IT Specialist and Developer
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Data Science
SQL Server Bootcamp 2024: Transform from Beginner to Pro
By - Metla Sudha Sekhar, IT Specialist and Developer
Leadership
Business Storytelling Masterclass
By - Ameen Haque, Founder of Storywallahs
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, IT Specialist and Developer
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
ChatGPT Mastery from Zero to Hero: The Complete AI Course
By - Metla Sudha Sekhar, IT Specialist and Developer
Web Development
Django & PostgreSQL Mastery: Build Professional Web Applications
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, IT Specialist and Developer
Leadership
Crafting a Powerful Startup Value Proposition
By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience
Leadership
From Idea to Product: A Startup Development Guide
By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience
Artificial Intelligence(AI)
Tabnine AI Masterclass: Optimize Your Coding Efficiency
By - Metla Sudha Sekhar, IT Specialist and Developer
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, IT Specialist and Developer
Marketing
Digital Marketing Masterclass by Pam Moore
By - Pam Moore, Digital Transformation and Social Media Expert
Finance
Crypto & NFT Mastery: From Basics to Advanced
By - CA Raj K Agrawal, Chartered Accountant
Finance
A2Z Of Money
By - elearnmarkets, Financial Education by StockEdge
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, IT Specialist and Developer
Finance
A2Z Of Finance: Finance Beginner Course
By - elearnmarkets, Financial Education by StockEdge
Marketing
Digital Marketing Masterclass by Neil Patel
By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru
Penalty for ITR filing now
A taxpayer who must file an ITR by November 15, 2024, can still file his tax return. This will be termed a belated ITR. While filing a belated ITR, he will be required to pay a penalty (also known as a late filing fee).The last date to file belated ITR for FY 2023-2024 (AY 2024-25) is December 31, 2024.
A penalty of up to Rs 5,000 will be levied under Section 234F. The penalty amount will depend on the taxable income.
Along with the penalty, a taxpayer will be subject to certain other consequences as well. This includes penal interest under sections 234A and 234B.
While filing a belated ITR, the taxpayer will not be allowed to carry forward losses.
The above-mentioned consequences will be applicable if the taxpayer has filed the audit report on or before the due date but missed the deadline to file ITR for FY 2023-24. A taxpayer cannot file an ITR without filing a tax audit report first.
The deadline for submission of the tax audit report for FY 2023-24 (AY 2024-25) was September 30, 2024, which was later extended to October 7, 2024.
According to tax experts, the income tax department has the power to levy a penalty for late filing of tax audit reports. These penalties are generally not automatic but may be applied during a tax department scrutiny.
According to income tax laws, a penalty for the late filing of the tax audit report may be imposed, which can be up to Rs 1.5 lakh or 0.5% of total sales, whichever is lower.
November 30, 2024: ITR filing deadline for these taxpayers
The deadline for ITR filing for FY 2023-24 (AY 2024-25) is November 30, 2024 for certain taxpayers.According to income tax laws, taxpayers engaged in transactions with overseas group companies for FY 2023-24 are required to file the ITR by November 30, 2024. To file the ITR on or before the due date, the taxpayers must ensure that they have submitted Form 3CEB by October 31, 2024, If the form is not submitted by the October deadline, a taxpayer is liable to pay a penalty of Rs 1 lakh with an additional 2% of the transaction value for international transactions with related parties.
Further, failing to meet the November 30, 2024 deadline for the ITR filing will prevent the taxpayer from carrying forward any losses for FY 2023-24.
#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
