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More time to rectify errors – ITR submission deadline: 5 reasons to submit the Income Tax return before July 31, 2024

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ITR Filing for FY 2023-24

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ITR Filing for FY 2023-24

The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. However, taxpayers should not procrastinate until the final moment. Filing the ITR in advance offers many advantages.

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Minimizes the risk of errors.

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Minimizes the risk of errors.

Filing your ITR early provides enough time to collect all the necessary documents and information, ensuring the accuracy of your tax return. These documents include Aadhaar and PAN, Form 16, salary slips, interest certificates from banks or post offices, tax-saving investment vouchers, health insurance premium receipts, etc.

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More time to rectify errors

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More time to rectify errors

Filing your tax return is only half the process; You should also verify it. As per current tax laws, you must verify your ITR within 30 days of filing. Filing your ITR early gives you enough time to check your return and correct any errors if you find them.

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Avoid the penalty for submitting the ITR late

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Avoid the penalty for submitting the ITR late

If you file your income tax return after the July 31, 2024 deadline, but before December 31, 2024, you may have to pay a late filing fee. The late filing fee could be up to Rs 5,000 for those with an annual income of more than Rs 5 lakh, and could go up to Rs 10,000 if the return is filed after the due date. However, if your income is below the taxable amount, you won’t have to pay any penalty, even if you file late. If you miss the deadline and owe income taxes, you could face a penalty of 5% of the unpaid taxes. But, if you are owed a refund, there is no penalty for filing after the deadline.

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Faster income tax refunds

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Faster income tax refunds

Filing your income tax return (ITR) without delay can speed up the processing of tax refunds, if you are eligible to receive one. This means taxpayers can receive refunds owed to them sooner, offering them much-needed financial relief in a timely manner.

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Avoid Income Tax Notices

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Avoid Income Tax Notices

Failure to file your Income Tax Return (ITR) before the due date increases the chances of coming under scrutiny and receiving notices from the Income Tax Department. This can lead to additional inconvenience and consultations that could have been avoided.

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