In Briefs

Income Tax return due date

July 29, 2024

Any person who receives any income by way of Salary, Pension, Interest, Profession fee, etc., and who have NOT filed their Income Tax return for the FY 2023-24 (AY 2024-25) shall file on or before July 31, 2024 which is the due date.

Under Section 234F, late filing of Income Tax returns attract a levy by way of fee. Therefore, the Income Tax return has to be filed before the due date ( 31.7.2024). Else there shall be a levy of late fee of Rs.5,000 between 1.8.2024  and 31.12.2024.

If the total income of the person does not exceed five lakh rupees, the levy of fee payable under this section shall be Rs.1,000 only.

Before filing the Income Tax return, it is suggested to verify and report the transactions appearing in Annual Tax Statement (FORM 26AS), Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) wherever applicable.

Wherever there is any doubt, reference may be made to the provisions of the Income Tax Act, 1961, the Income Tax Rules, 1962, relevant Finance Act and/or circulars and/or notifications, according to N.D. Shreenivaas of Bhavani Associates, Mysuru.

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Mysuru’s favorite and largest circulated English evening daily has kept the citizens of Mysuru informed and entertained since 1978. Over the past 45 years, Star of Mysore has been the newspaper that Mysureans reach for every evening to know about the happenings in Mysuru city. The newspaper has feature rich articles and dedicated pages targeted at readers across the demographic spectrum of Mysuru city. With a readership of over 2,50,000 Star of Mysore has been the best connection between it’s readers and their leaders; between advertisers and customers; between Mysuru and Mysureans.

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