Today is the last date for filing the Income Tax Return (ITR) for the assessment year 2024-25 to avoid a late fee penalty.
As of July 26, over 5 crore ITRs have been filed.
In a post on the social media platform X, Income Tax India expressed gratitude to taxpayers and tax professionals and urged taxpayers to file their ITRs to avoid the last-minute rush.
Who must file ITR on or before last date?
It is mandatory for a person to file an ITR if any of the following conditions are satisfied to avoid penalty:
- Income exceeds the exemption limit of Rs 2,50,000 per annum before deductions.
- Owns or has an interest in assets outside India.
- Invested in shares, bonds, or mutual funds of foreign companies.
- Paid electricity charges of more than Rs 1 lakh in a financial year.
- Spent more than Rs 2 lakh on foreign travel.
- Deposited over Rs 50 lakh in savings accounts or Rs 1 crore in current accounts.
- Received over Rs 60 lakh from total sales from business.
Penalty for not filing ITR
Individuals who fail to file their ITR on or before the last date despite falling into any of the above categories will need to pay a late fee penalty.
The penalty amount depends on income level if the ITR is filed between August 1 and December 31, 2024.
If the income is below Rs 5 lakh, the penalty amount is Rs 1,000, and for income above Rs 5 lakh, it is Rs 5,000.
