What If You Miss the July 31 ITR Filing Deadline?: This year’s deadline for filing income tax returns (ITRs) is July 31. People who miss the deadline need to be aware that there could be dire repercussions. People who miss the July 31 deadline will be able to file a late return by December 31, 2024, but they will automatically be assigned to the new tax regime if they don’t submit their Income Tax Return (ITR) by then.
This implies that since you will be automatically enrolled in the new tax regime, you will not be able to choose the old system for the relevant financial year. There are two tax regimes in effect at the moment: the previous one and the new one that was implemented in 2020 and has updated tax slabs and reduced rates.
What is the penalty for failing to file your ITR by this year’s July 31st?
This implies that since you will be automatically enrolled in the new tax regime, you will not be able to choose the old system for the relevant financial year. There are two tax regimes in effect at the moment: the previous one and the new one that was implemented in 2020 and has updated tax slabs and reduced rates.
Individuals who opt to submit their income tax returns after the deadline will forfeit the chance to carry forward any potential capital losses they may have incurred. As a result, these taxpayers will not be able to use their losses to offset any future profits, which will increase their tax obligation going forward.
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