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The Finance ministry during FY 2017-18 Budget introduced a new Section 234F to levy penalty for late filers OR non-filers of Income Tax Returns. As we are in a low tax compliance society, it's very important to understand income brackets, timing, penalty amounts and how to avoid such situation.
for FY 2023-24 (AY 2024-25)
No penalty will be assessed prior to the original due date of July 31, 2024.
Belated filings of income tax returns are permissible until December 31, 2024.
For those with a gross total income exceeding Rs. 5 lakh, the late fee will be Rs. 5000 after the original ITR due date.
If your total income does not exceed Rs. 5,00,000/-, the utmost penalty that will be imposed will be Rs. 1000/-, regardless of the date.
There is currently no penalty associated with filing income tax returns if the income is less than the basic exemption limit of Rs 2.5 Lakhs (Old) / 3 Lakhs (New) for the purpose of visa purposes, documentation purposes, compliance purposes, and so forth.
Interest and penalties are assessed for late filings. Additionally, losses cannot be carried forward beyond the due date. Carry forward losses from short-term, long-term, speculative business, and other losses, with the exception of the loss from residential property, up to a maximum of Rs. 2.0 lakh.
Furthermore, the current year income cannot be set-off by the brought-forward losses.
In general, the ITR due date for income from the previous financial year is July 31st; however, this date may be changed in accordance with the Income Tax Department of India's decisions and various factors.
Therefore, it is recommended that you consult the most recent at Tax Compliance Calendar for IT, GST, TDS, ROC
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.