ITRBuddy

Every Individual, including an NRI, must file an Income tax return where Gross Total Income exceeds the basic exemption limit. For old tax regimes, this basic exemption limit is 2.5 lakh and for new tax regime, this basic exemption limit is 3 lakhs for the individual filing income tax return. Senior citizens (individuals aged 60 years or above but less than 80 years) and super senior citizens (individuals aged 80 years or above) are required to file an ITR if their gross total income exceeds Rs. 3 lakhs and Rs. 5 lakhs, respectively, in a financial year. For more Eligibility criteria ,click on ITR Eligiblity Checker.

Following are the Due Dates to file Income Tax Return:-  Due Date of Original Income Tax Return is 31st July of relevant Assessment Year.  Due Date of Belated Income Tax Return is 31st December of relevant Assessment Year.  Due Date of Revising Income Tax Return is 31st December of relevant Assessment Year. .

If an individual misses the due date while filing their Income Tax Return (ITR), they may still file a belated return. The belated return can be filed by 31st December of the relevant assessment year (unless extended by the government). For FY 2023-24, you may file the belated return by 31 December 2024.However, please note a belated return can only be filed with the payment of late fees u/s 234F, subject to certain conditions.

If a taxpayer fails to file their Income Tax Return (ITR) by the due date, they may be liable to pay penalties and interest. The penalties for non-filing or late-filing of ITR in India are as follows: Late filing fee: If a taxpayer fails to file their ITR by the due date, they may be liable to pay a late filing fee of up to Rs. 10,000, depending on the delay in filing. The late filing fee for belated ITR, i.e., ITR filed after the due date but before December 31st of the relevant assessment year, is Rs.1,000 and Rs.5,000 according to income. For returns filed after December 31st, the late filing fee increases to Rs. 10,000. Interest on tax liability: If a taxpayer has any outstanding tax liability, interest will be charged on the amount due from the due date of filing until the date of payment. The interest rate is currently 1% per month, calculated from the due date of filing until the date of payment. Loss of certain benefits: If a taxpayer files a belated return, they may lose certain benefits, such as the right to carry forward losses, etc. And in case of failure to file ITR at all, they will not be able to claim TDS refunds, if any. Prosecution: In case of a willful failure to file ITR, the taxpayer may be subject to prosecution under Section 276CC of the Income Tax Act, which can result in imprisonment and/or fine.

 Form 16 and Salary Slip for salaried person  Bank Statement  Profit & Loss and Balance Sheet for Business  Capital Gain Statement if sale of Shares/Mutual Funds  Property Documents if Sale of any property  Certificate of Investments and Donations done in the relevant financial Year