Key Points
Income tax return filing: Missing the ITR deadline can lead to hefty penalties..
Filing your Income Tax Return (ITR) is a crucial task that reflects your earnings over the fiscal year..
It's important to complete this process on time to avoid penalties, and the Income Tax Department actively reminds taxpayers to submit their returns punctually...
For individuals with a net taxable income exceeding Rs 5 lakhs for the financial year 2023-24, filing a belated return can incur a penalty of up to Rs 5,000...
However, individuals whose taxable income is below the basic exemption limit and who file an ITR solely to claim a refund are exempt from these penalties...
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