If you haven’t filed your Income Tax Return (ITR) yet, the clock is ticking. The last chance to file your delayed return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024. Taxpayers who miss this extended deadline will face hefty fines and legal consequences.
Failing to file your ITR even by December 31 can lead to severe consequences:
In extreme cases, taxpayers who fail to file their returns or disclose crucial financial information may face imprisonment under the provisions of the Income Tax Act.
To avoid heavy penalties, legal complications, and financial losses, ensure you file your Income Tax Return by December 31, 2024. Delays not only result in monetary fines but can also lead to further legal repercussions. Act promptly and fulfill your tax obligations to stay compliant and stress-free.
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