Published: 31st July 2024
By: Value Research
Today (July 31) is the last day to file your income tax returns (ITR).
Let’s look at who needs to file their income tax returns, depending on the tax regime you have opted for.
Under the old regime, taxpayers are mandated to file an ITR based on their income levels and the age bracket they fall under.
Rules under the new regime are more streamlined, as those with a gross annual income greater than Rs 3 lakh, irrespective of age, need to file an ITR.
Do you fall in any of these categories? If so, filing tax returns is mandatory.
In case you fail to file your ITR by July 31 but before December 31, a penalty will be imposed. Further, you will be charged a 1 per cent interest every month on the outstanding tax amount.
To find out, read the full story by heading to the link below.