The Earnings Tax Division has not prolonged the November 15, 2024 deadline for submitting earnings tax returns (ITR) by taxpayers topic to audit and in addition for different designated ones, The Financial Occasions reported.
The Earnings Tax Division has not prolonged the November 15, 2024 deadline for submitting earnings tax returns (ITR) by taxpayers topic to audit and in addition for different designated ones(Consultant Picture)
The division had earlier, prolonged the deadline by 15 days from the unique deadline of October 31, 2024.
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Who all needed to file ITR by November 15, 2024?Earnings taxpayers whose accounts have been required to be audited below any regulation (For instance, the Earnings-tax Act, the Restricted Legal responsibility Partnership Act, Co-operative Societies’ Act, and so forth).Companions of a agency whose accounts must be audited below any regulation.An organization (Might be an Indian firm, a international physique company together with a international firm, for instance) not having specified home transactions or switch pricing transactions.What’s the penalty for not submitting ITR on time?
If a taxpayer hasn’t filed an ITR by now, regardless of the deadline having gone previous already, he/she will be able to nonetheless file it, however it will likely be known as a belated ITR.
Nonetheless, even the belated ITR has a deadline. It needs to be filed by December 31, 2024.
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Submitting a belated ITR additionally requires a penalty to be paid, often called a late submitting price, in response to the ET report which added that it might probably go as much as ₹5,000 below Part 234F, relying on the taxable earnings.
Other than the penalty, the taxpayer may also be topic to different penalties together with penal curiosity below sections 234A and 234B.
Additionally the taxpayer is not going to be allowed to hold ahead losses whereas submitting a belated ITR.
What in regards to the tax audit report?
The deadline for submitting the tax audit report was September 30, 2024. This was later prolonged to October 7, 2024.
In the case of penalties for submitting the tax audit report late, it might probably go as much as ₹1.5 lakh or 0.5% of whole gross sales, whichever is decrease.
A November 30 deadline for some taxpayers
Sure taxpayers like these engaged in transactions with abroad group firms must file their ITR by November 30, 2024, however by submitting Kind 3CEB by October 31, 2024.
Not submitting the shape by this deadline makes a taxpayer liable to a penalty of ₹1 lakh plus 2% one the transaction worth. Other than this, carrying ahead losses additionally cannot be accomplished.
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