ITR Update: When can income tax returns be filed, taxpayers should know the latest updates...

ITR Filing 2024 Last Date: Income Tax Return (ITR) filing has also started with the start of the new financial year 2024-25. It has become important for taxpayers to know when is the last date of ITR. Its last date is 31 July 2024. Therefore, taxpayers should file ITR on time to avoid additional charges or penalties.

Therefore the Income Tax Department has reiterated the importance of adhering to the deadline. It has been emphasized that late filing will attract a late fine. This late fine can be Rs 500 to a maximum of Rs 1000 per month. This announcement came when ITR Forms 1, 2, 4, and 6 have been made available on the e-filing portal from April 1, 2024. This year is a departure from tradition. In which taxpayers have been allowed to file their income tax returns on the first day of the new financial year. Such measures are seen as significant progress towards simplifying compliance processes and enhancing taxpayer services.

Important things for taxpayers-
Last date to file ITR: 31 July 2024

Penalty for late filing: Late fee Rs 500 per month, up to a maximum of Rs 1,000.

ITR Forms Available: ITR 1, 2, 4, and 6 are available for e-filing from April 1, 2024.

Forms: ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to the needs of small and medium taxpayers.

This is the first time in recent years that taxpayers can file their ITR on the first day of the new financial year with the aim of an easier filing process.

Advance tax payment is required if your total tax liability reaches or exceeds Rs 10,000 in a financial year. Any tax paid before March 31 of the financial year is considered advance tax.

Among the available forms, ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) stand out as simpler options to meet the needs of small and medium taxpayers. Sahaj is designed for resident individuals with incomes up to Rs 50 lakh. Which includes salary, one house property, other sources like interest, and agricultural income up to Rs 5000. Sugam, on the other hand, is for individuals, Hindu undivided families, and companies with total income up to Rs 50 lakh, derived primarily from business and professional activities.

Taxpayers are reminded that the obligation to pay advance tax arises when their total tax liability reaches or exceeds Rs 10000 within the financial year. Additionally, any tax payment made on or before March 31 of the same financial year is recognized as advance tax, providing further clarity on tax compliance obligations.

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