ITR Deadline Ends Today: File Now to Avoid Penalties
Taxpayers have until midnight of September 15 to file their income tax return for FY 2023–24 without penalty; late filing attracts fines and interest.
- September 15 is the final day to file ITR for FY 2023–24 without penalty.
- Belated returns allowed till Dec 31 with a penalty of up to ₹5,000.
- 1 % monthly interest on unpaid tax under Section 234A.
- Late filers lose carry-forward of losses and some deductions.
- Refunds for late filers will be delayed.
GG News Bureau
New Delhi, 15th Sept: If you haven’t filed your Income Tax Return (ITR) yet, today is your last chance to do so without incurring penalties. The deadline—already extended once from July 31—expires Monday, September 15 for most salaried individuals, pensioners, and small businesses not requiring an audit.
Penalties & Interest
- Belated Filing Window: Returns can still be filed until December 31, but Section 234F of the Income Tax Act imposes a ₹1,000 penalty for income up to ₹5 lakh and ₹5,000 for income above that.
- Interest on Taxes Due: If any tax remains unpaid, Section 234A levies 1 % simple interest per month (or part thereof) until the return is filed and tax cleared.
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Loss of Tax Benefits
Missing today’s deadline can also mean:
- Inability to carry forward certain losses (capital or business) to future years.
- Possible denial of specific deductions or exemptions that require a timely return.
- Loss of flexibility to switch between old and new tax regimes after the due date.
- Delayed refunds for those entitled to them.
Steps to File Immediately
Tax experts urge taxpayers to act fast:
- Collect Documents: Form 16, Form 26AS, Annual Information Statement (AIS), bank interest certificates, and proofs of investments or deductions.
- Use the e-Filing Portal: File promptly to avoid last-minute portal slowdowns.
- Verify the Return: Complete e-verification or physical verification within the prescribed period; an unverified ITR is treated as not filed.
Failing to meet the September 15 deadline triggers automatic penalties and interest from Tuesday, September 16, so officials advise filing and verifying the return before midnight to stay fully compliant.
