Filing your income tax return (ITR) before the July 31 deadline is crucial to avoid penalties and ensure you benefit from the old tax regime. Missing this deadline means you can still file a delayed return by December 31, 2024, but it will incur penalties ranging from ₹1,000 to ₹5,000, depending on the duration of the delay​.

The old tax regime allows for various exemptions and deductions that are not available under the new regime. Therefore, if you miss the deadline and opt for a delayed return, you may lose out on these benefits and be subject to increased scrutiny from the Income Tax Department​​.

To file your ITR correctly, ensure you choose the appropriate form based on your income sources and type. For instance, ITR-1 is for individuals with income up to ₹50 lakh from salary, one house property, and other sources. Additionally, ensure your PAN is linked to Aadhaar to avoid higher tax deductions​. You can also contact us to file your ITR on time.

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