– The deadline for filing income tax returns for the Assessment Year 2024-25 is July 31, and is unlikely to be extended.
– Penalty for late filing can be up to Rs 5,000, or Rs 1,000 if income does not exceed Rs 5 lakh.
– Individuals and entities requiring audit have deadline of October 31, while businesses in international transactions have deadline of November 30.
– Individuals can switch between old and new tax regimes once in their lifetime by submitting Form 10-IE.
– Refund status can be checked on I-T department’s official e-filing website.
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