The deadline for filing your Income Tax Return (ITR) for the financial year 2023-24 is July 31, 2024. If you miss this date, you could face penalties based on your income. However, there are extended deadlines for certain taxpayers.

For individuals and businesses needing audits, the filing deadline is extended to October 31, 2024. This extra time allows for completing the audit with a recognized chartered accountant before filing.

Further extensions are available for

• Businesses involved in international transactions, with a deadline of November 30, 2024, due to the need for extensive transfer pricing documentation.
•  Businesses engaged in specific domestic transactions, which may also qualify for extended deadlines.

Penalties for late ITR filings 

• Up to Rs. 1,000/- for taxable income up to Rs. 5,00,000/-.
• Up to Rs. 5,000/- for taxable income exceeding Rs. 5,00,000/-.

Remember, interest on unpaid taxes is also applicable. Extended deadlines help some taxpayers, but late fees might still apply.