Submit ITR for AY 2023-24 on time/face a penalty Fee

Submit ITR for AY 2023-24 on time/face a penalty Fee  of Rs 10,000

CBDT made 2-time Penalty for Missing ITR Due Date this Year

Moreover, in the Budget Exemptions to rule due to the amendments made in the Income-tax Act, 1961, which stipulates the below person will not be exempted from the penalty

1. Individuals who have deposited an amount or aggregates of the amount exceeding INR 1 cr in one or more banking accounts
2. Individuals who have incurred expenditures exceeding INR 2 lakh due to foreign travel.
3. who incur made an expenditure of INR 1 lakh & more due to electricity consumption.

Submit the ITR dues also ensure that interest payable on the income tax refund is calculated from April 1 of the relevant AY. In the case of belated filings, the individual loses out on some amount of interest.

“In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the government further extends the dates for various compliances,” said the CBDT in a statement.

In conclusion, section 234F explain the below summary of penalty Fee appliable :

Applicable kind of income tax form

ITR 1 (SAHAJ)	Individuals with Salary & interest Income only
ITR 2	Individuals and HUF not having income from business/profession
ITR 3	Individuals/ Hindu Undivided Families being partners in firms & not carrying out business or profession under any proprietorship
ITR 4	Individuals & Hindu Undivided Families having a proprietary business or profession income
ITR 4S (SUGAM)	Individuals or Hindu Undivided Families having presumptive business Income
ITR-5	In order for AOP & BOI, LLP, & Partnership firms to report their income and tax computation.
ITR-6	Co that are registered in India use this form.
ITR-7	In case entities are claiming an exemption as colleges, scientific research institutions, political parties or universities, and religious or charitable trusts, this form must be used.

Difference between ITR1 and ITR2

Normal Due date of Advance Tax under the income tax act

Installments	Rate of Advance Tax	Total Liability/due under advance Tax
First Installments	15 %	4,80,000*15%= 72,000
Second Installments	45%	4,80,000*45%= 2,16,000
Third Installments	75%	4,80,000*75%= 3,60,000
Fourth Installments	100%	4,80,000*100%= 4,80,000

kind of Interest U/s 234 of the income tax act 1961

three kinds of Interest payable u/s 234 as below mention hereunder :

• Interest under section 234A- Delay in Filing of Income Tax Return
• Interest under section 234B- Delay in payment of Advance Tax

The last date for filing income-tax returns

Tax returns for AY2023-24 (The FY 2022-23 ) were original to be filed by July 31. 

Form 10IEA for AY 2024-25 is now available for filing on income tax portal.

Please Note – All taxpayers opting for old tax regime in AY 2024-25 need to file Form 10IEA before due date of ITR Filing

ITR 1,2 & 4 for AY 2024-25 are now available on income tax portal for filing.