File Your ITR Before the Deadline Approaches!
Last Date for Salaried Individuals: July 31
Attention, taxpayers in India! The time is running out as the deadline for filing Income Tax Returns (ITRs) for the Financial Year (FY) 2023-24 and Assessment Year (AY) 2024-25 is fast approaching. Salaried individuals have until July 31 to submit their ITRs without incurring any late fees.
Who Should File an ITR?
All individuals whose gross total income exceeds the basic exemption limit (currently set at Rs. 2.5 lakhs) are required to file an ITR. This includes individuals earning salaries, business income, professional income, or income from other sources.
Deadline Significance
The Central Board of Direct Taxes (CBDT) sets the deadline for ITR submissions and audit reports. The deadline is crucial because taxpayers who fail to file their ITRs within the stipulated time may face penalties and additional fees.
Furthermore, the last date to file the ITR without a late fee is July 31. If you miss this deadline, you will be charged a late fee of Rs. 5,000, or Rs. 10,000 if your income exceeds Rs. 5 lakhs.
Steps to File Your ITR
Filing your ITR is a straightforward process that can be completed online or offline. The steps involved are as follows:
- Gather all necessary financial documents and records.
- Create an e-filing account on the Income Tax Department's official website.
- Download the relevant ITR form based on your income type.
- Fill in the ITR form accurately and completely.
- Calculate your tax liability and pay any outstanding taxes.
- Submit your ITR before the deadline.
Remember, the ITR filing deadline is fast approaching. Take the necessary steps today to ensure timely submission and avoid penalties.
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