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3 days remaining to submit your income tax return for AY25
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| Posted Date : 28-Dec-2024 , 07:09:16 pm | Posted By CASANSAAR |
3 days remaining to submit your income tax return for AY25
If you have not filed your income tax return for Assessment Year 2024-25 (Fiscal Year 2023-24), you have until December 31 to do so. Non-filing by eligible Income Tax Assesses may result in serious consequences, including a jail term.
Any eligible assessed has at least two options to file the income tax return, one by the due date and another post-due date on or before December 31, but with the belated fee. However, if an assessed forgets to add any income in the filed income tax return, they can file an updated return with some payout within 2 years from the end of the relevant Assessment Year.
For example, the due date of filing Ay 2024-25 ITR for an individual (whose books of accounts are not required to be audited) was July 31, 2024, but they can file a belated ITR with a penalty between ?1,000-5,000 by December 31. However, if your gross income is less than the basic exemption limit, you will not be required to pay any penalty. Also, an updated return can be filed till March 31, 2027. Anyone with an income of more than ?2.5 lakh (under the old tax regime) or ?3 lakh (under the new tax regime) must file in ITR.
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| Source : Click here |
Category : Income Tax |
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