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ITR Filing: Only 20 days left, don’t wait for the last chance otherwise you will suffer losses.

Sagar Patel

By Sagar Patel

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Fill ITR before the last date Image credit source: Unsplash

There are only 20 days left for the last date to file the income tax return. If you want to file the Income Tax Return (ITR) without any loss, you must do so before July 31, 2024. Otherwise, your loss is certain.

In fact, it has been seen many times in the past that due to last minute timings, many issues arise on the Income Tax website. Due to this, people find it difficult to file ITR. Therefore, to avoid last minute issues, you must file your Income Tax return before the last date.

You can suffer this loss.

If you do not file your tax return by July 31, you may suffer many losses. A complete list of these is provided below. This includes everything from fines to money refunds…

  1. If there is a problem on the Income Tax website on the last day, your return may not be filed. After this, you may have to pay a penalty when filing returns.
  2. If you file the ITR after July 31, you will have to pay late payment charges. If your return falls below the tax exemption limit of Rs 5 lakh, you will have to pay a late payment charge of Rs 1,000. In some cases, it goes up to Rs 5,000.
  3. If you do not file your income tax return by July 31 and you also owe government taxes, then you will have to pay interest and penalties on the outstanding tax.
  4. A big advantage of filing your returns on time is that if you receive a refund from the government, you will receive it in full on time.
Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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