ITR Filing Last Date 2024 Live Updates: Don’t Miss Out on Your 80C Benefits!

Taxpayers, attention! The clock is ticking, and the deadline for filing your Income Tax Return (ITR) for Assessment Year 2024 is right around the corner. No extension has been announced, so if you haven’t filed yet, today is the day to act!

Why the urgency? Missing the ITR filing deadline can result in serious consequences, including:

• Late filing penalties: You could be charged a penalty of Rs. 5,000 or Rs. 10,000 depending on the delay.

• Loss of 80C benefits: One of the biggest drawbacks is the potential loss of all your 80C deductions.

Think of it this way: You’ve diligently saved and invested throughout the year, claiming your deductions under Section 80C. These deductions reduce your taxable income, resulting in lower tax liability. But if you fail to file your ITR by the deadline, you lose the entire benefit, effectively throwing away your hard-earned savings.

Let’s look at a real-life example:

• Mr. Sharma, a salaried employee, invested Rs. 1.5 lakhs in PPF, contributing to his 80C limit.

• He earned a taxable income of Rs. 10 lakhs.

• Without claiming his 80C deduction: He would have paid tax on Rs. 10 lakhs.

• With claiming his 80C deduction: His taxable income reduces to Rs. 8.5 lakhs, resulting in lower tax liability and significant savings.

But, if Mr. Sharma misses the ITR filing deadline, he loses all the benefits of his 80C investments. This means he will have to pay tax on the full Rs. 10 lakhs, losing out on the tax savings he earned through his investments.

The Importance of Filing On Time

Don’t wait for the last minute. Filing your ITR on time ensures:

• You don’t miss out on any benefits.

• You avoid penalties and unnecessary stress.

• You maintain a clear tax compliance record.

It’s a matter of saving time, money, and avoiding unnecessary complications**.

What if you’re not ready to file your ITR?

If you still haven’t gathered all the necessary documents or need assistance with your ITR filing, don’t panic!

• Consult a tax advisor: Seek professional help to ensure accuracy and compliance.

• Use online tools: Several online platforms and apps offer simplified ITR filing options with guided assistance.

• Utilize pre-filled ITRs: The Income Tax Department pre-fills some details in your ITR based on data available with them, making the process faster.

Remember, the responsibility to file your ITR rests on you. Don’t be caught off guard. File your ITR today and ensure you don’t miss out on your valuable 80C benefits!

Key Takeaways:

• The ITR filing deadline for AY 2024 is approaching fast.

• Missing the deadline can lead to penalties and loss of 80C benefits.

• Filing on time saves you money, time, and stress.

• Seek professional help or utilize online tools if needed.

Stay informed. File on time. Secure your tax benefits.