ITR: The deadline for filing Income Tax Return (ITR) is now only 10 days away. Failure to file income tax return by this date will result in heavy penalty. The last date for filing income tax return for the financial year 2023-24 (assessment year 2024-25) is 31 July 2024. If you miss this date, you can file a late or revised return with penalty till December 31, 2024. Income tax department may send notice after December 31. If you file income tax returns after December 31, 2024, the income tax department may send notice and impose additional penalty. So, if you have not yet filed your income tax return, do it before December 31, 2024 to avoid penalties and legal action. Penalty amount for filing income tax return Late fee (late filing under section 234F) If you file your return after 31st July (the original due date for income tax return) and up to 31st December, the late fee is Rs. 5,000. Your total income is Rs. If it is less than 5 lakhs, the last date for filing income tax return (with late fee) is December 31. Interest (Under Section 234A of Income Tax) If you do not pay the tax on time, 1% monthly interest will be charged on the outstanding tax. If your refund is due, filing your return late will be late. If the return is not filed on time, the chances of receiving an income tax notice increase. Loss due to Delay in Income Tax Return: Failure to file return on time may result in loss of right to file revised ITR. Failure to file returns on time can lead to penalties and Income Tax investigation. If you don’t file your return despite your taxable income, it will be treated as an offence. The Income Tax department can punish you for 3 months to 2 years and in major tax evasion cases, this punishment can be up to 7 years. Also Read: GST: Nirmala Sitharaman says ‘States not in favor of bringing ATF under GST’ ITR: Penalty for failure to file income tax returns, deadline ends on 10 Days first appeared on the morning news.