 "INCOME TAX")
axpayers who missed the July 31 deadline can still file a belated income tax return (ITR). Photo: Shutterstock
The second article, by Deepesh Raghaw, discusses the importance of managing expectations. It talks about how, as an investment advisor, he has to work on getting his clients to have the right expectations. According to him, new investors, attracted by rising markets, underestimate risks and mistakenly believe that investing in stocks or equity funds guarantees high returns.
NUMBER OF THE WEEK
70 million Income Tax returns filed by July 31
About 70 million Income Tax returns (ITR) had been filed for FY24 by July 31, an increase over the 68 million filings till that date in the previous year. July 31 was the last date for ITR filing. Even though the system slowed down, 500, 000 ITRs were filed by 7 pm on the last date.
The high numbers make it unlikely that the Central Board of Direct Taxes will extend the deadline for filing returns, something many taxpayers were hoping for. For those missing the deadline, they can still file a belated ITR by paying a penalty. The deadline to file a belated return for FY24 (Assessment Year 2024-25) is December 31, 2024.
Filing a belated ITR requires payment of a late fee of Rs 5,000 if the taxpayer’s total income is above Rs 5 lakh, or Rs 1,000 if the total income is below Rs 5 lakh.
Filing a belated ITR requires payment of a late fee of Rs 5,000 if the taxpayer’s total income is above Rs 5 lakh, or Rs 1,000 if the total income is below Rs 5 lakh.
First Published: Aug 02 2024 | 6:41 AM IST
