Income Tax Filing Deadline: Know Penalties, Important Dates, And ITR Forms Availability

ITR forms 1, 2, 4, and 6 have been available on the e-filing portal since April 1, 2024. The department reports an encouraging surge in compliance, with over 23,000 returns already filed for the 2023-24 fiscal year.
ITR Filing, Income Tax, Penalty, ITR Deadline, ITR Filing Last Date, Income Tax Department

Income Tax Filing Deadline: Know Penalties, Important Dates, And ITR Forms Availability (image source: Canva)

Income Tax: Taxpayers in India are reminded of the looming deadline for filing Income Tax Returns (ITR), set for July 31, 2024. Failure to meet this deadline can result in penalties and additional charges, making timely submission imperative.
The Income Tax Department emphasizes the consequences of late filings, imposing a late fee of Rs. 500 per month, up to a maximum of Rs. 1,000. This penalty underscores the importance of adhering to the deadline to avoid financial repercussions.

Early Availability of ITR Forms

ITR forms 1, 2, 4, and 6 have been available on the e-filing portal since April 1, 2024. The department reports an encouraging surge in compliance, with over 23,000 returns already filed for the 2023-24 fiscal year.
This year introduces a departure from tradition, allowing taxpayers to initiate their filings from the first day of the new financial year. Notably, ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) offer simplified alternatives, catering specifically to the needs of small and medium taxpayers.

ITR Form 1 (Sahaj)

Sahaj is tailored for resident individuals with income up to Rs. 50 lakh. It encompasses various sources of income, including salary, one house property, interest, and agricultural income up to Rs. 5,000.

ITR Form 4 (Sugam)

Sugam is designed for individuals, Hindu Undivided Families, and firms (excluding Limited Liability Partnerships), with total income up to Rs. 50 lakh. It predominantly caters to income derived from business and profession activities.

Advance Tax Obligations

Taxpayers are reminded that the obligation to pay advance tax arises when their total tax liability reaches or exceeds Rs. 10,000 within the financial year. Any tax payments made on or before March 31st of the same financial year are recognized as advance tax, providing clarity on compliance obligations.

Key Dates

ITR Filing Deadline: July 31, 2024
Penalty for Late Filing: Late fee of Rs. 500 per month, up to a maximum of Rs. 1,000.
ITR Forms Available: ITRs 1, 2, 4, and 6 are available for e-filing as of April 1, 2024.
Simplified Forms: ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to small and medium taxpayers.
Advance Tax Payment: Required if total tax liability reaches or exceeds Rs. 10,000 in a financial year. Payments made before March 31st are considered advance tax.
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