Navigating ITR Penalties: What you need to know for FY 2023-24?

As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if applicable. Tax deducted at source (TDS) violations, such as non-deposit or incorrect deductions on property transactions, attract penalties up to 1.5% per month. Timely filing is crucial to claim deductions and avoid penalties up to 300% for tax evasion, ensuring compliance and maximizing tax benefits.