Income Tax Return Filing Deadline Ends Today: 5 Consequences Of Missing The Deadline
Income Tax Return (ITR) filing for AY 2024-25 or FY 2023-24 is ending today, July 31.
Reema Sharma
| Jul 31, 2024, 11:03 AM IST
Income Tax Return (ITR) filing for AY 2024-25 or FY 2023-24 is ending today, July 31.
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ITR Deadline Ends July 31
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What happens when you miss the ITR filing deadline?
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Loss of benefits under the old tax regime
Since the new tax regime is the default regime for the financial year 2023–2024, you will not be allowed to file your return under the old tax regime after the due date. In this scenario, under the old tax regime, you would not be eligible for exemptions and deductions for investments made in tax-saving instruments.
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Automatic shift to new tax structure, resulting in a higher tax burden
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Pay late filing fee of Rs 5,000
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1% monthly interest is charged on overdue taxes
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