- Deadline for ITR Filing (July 31, 2024):
- The deadline for filing Income Tax Returns (ITRs) for the financial year 2023-24 is July 31, 2024.
- This deadline applies to all individuals, including salaried employees, self-employed individuals, businesses, and other taxpayers.
- Penalty for Late Filing:
- Late filings will incur a penalty of ₹500 per month, up to a maximum of ₹1,000.
- For instance, if you file your ITR two months late, you’ll be liable to pay a penalty of ₹1,000.
- Available ITR Forms:
- As of April 1, 2024, the Income Tax Department has made available various ITR forms for e-filing, including:
- ITR 1: For individuals being a resident (other than not ordinarily resident) having total income up to ₹50 lakh, having Income from Salaries, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000.
- ITR 2: For individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession.
- ITR 4: For individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) being a resident having total income up to ₹50 lakh and having income from business and profession.
- ITR 6: For Companies other than companies claiming exemption under section 11.
- Simplified Forms:
- Two simplified forms are available for small and medium taxpayers:
- ITR Form 1 (Sahaj): Suitable for resident individuals with income up to ₹50 lakh, encompassing earnings from salary, one house property, other sources such as interest, and agricultural income up to ₹5,000.
- ITR Form 4 (Sugam): Designed for individuals, Hindu Undivided Families, and firms (excluding Limited Liability Partnerships) with total income up to ₹50 lakh, predominantly deriving from business and profession activities.
- Advance Tax Payment:
- Taxpayers must pay advance tax if their total tax liability for the financial year reaches or exceeds ₹10,000.
- Advance tax payments made on or before March 31 of the financial year are considered valid.
- This provision ensures that taxpayers meet their tax obligations in a timely manner and avoid last-minute financial burdens.
By adhering to these guidelines and timelines, taxpayers can streamline their tax filing process and ensure compliance with the Income Tax regulations.
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