Today is the last day to file your income tax return (ITR) for the assessment year 24-25. Delay in filing could result in a penalty from the income tax department.

According to the income tax website, a total of 65 million ITRs have been filed till July 30, 2024, which is a 7.5 per cent increase over the previous year. As there is no update on extending the deadline, it is important to submit the ITR today, July 31, 2024, the last due date of filing ITRs for assessment year 24-25. Failure to do so could lead to the taxpayers incurring a penalty for late filing.

Also Read: ITR Filing 2024: 7 Things Senior Citizens Should Know When Calculating Tax Liability

What Is The Penalty On Delayed Filing Of ITR?

There is a penalty of Rs 5,000 under Section 234F of the Income-tax Act, 1961 on delayed filing of returns. Where the taxpayer’s income is less than Rs 5 lakh, the penalty is Rs 1,000.

Additionally, if there is a tax liability, an interest will be charged on the late payment of tax under Section 234A of the Act.

That is also one of the reasons for the surge in ITR filings in the last few days. According to the income tax department, more than 4.5 million ITRs were filed on July 30, 2024.

However, it is important to file correct and genuine information in your ITR, as the income tax department could otherwise issue a notice in case it finds some discrepancies in the return.

Why Is It Important To Match The Details With AIS?

The income tax department issues an annual information statement (AIS) for every taxpayer each year. This is a comprehensive statement containing all the information pertaining to taxpayers, including the purchase and sale of property (both movable and immovable), interest from savings and fixed deposit, capital gains, dividend, foreign transactions, tax deducted at source (TDS) and tax collected at source, etc. The department sources the information from other concerned entities, such as banks for savings and fixed deposit details, Securities and Exchange Board of India (Sebi) for stock and mutual funds details, among others. So, taxpayers should ensure that the details given in AIS matches with the ITR details before they start filing their returns.

Although the information is usually correct in the AIS, but it would be wrong to say that it is always foolproof. There have been incidents where the information in AIS is different than the actual information.

Also Read: ITR Filing 2024: File Returns On Time To Avoid Last-Minute Glitches—5 Issues You Could Face And How To Solve Them

Update The Details And Don’t Delay ITR Filing Anymore:

The income tax department provides taxpayers with an option to report any information mismatch to the department and get it rectified. On finding any mismatch, one can submit the feedback on the information provided wrongly in the AIS by clicking the ‘Optional’ button in the Feedback column. After clicking this option, a new screen, ‘Add Feedback’ will open. Choose the relevant option, write the feedback, and submit. Once the feedback has been submitted, it will show the information given in the AIS, and both reported and modified values will appear. An email and SMS confirmation will also be sent confirming this to the taxpayer.

One may download the consolidated AIS Consolidated feedback (ACF) details for future reference.

So, match the details with the AIS, fill out the ITR form, keep all proofs of documentation, and submit the return today to avoid penalties.