Index Fund Corner
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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
Penalties for filing belated ITR
If you missed the original ITR filing deadline of July 31, 2024, you can still file a belated return. However, you will incur a penalty:
- Income up to ₹5 lakh: Late fee of ₹1,000.
- Income above ₹5 lakh: Late fee of ₹5,000.
In addition to the late fee, you may also have to pay interest under Section 234A if there is any outstanding tax liability.
The interest is charged at 1% per month or part of the month from the original due date (July 31, 2024) until the date of filing.
Who needs to file?
Belated ITR: For taxpayers who missed the initial deadline.
Revised ITR: For taxpayers who need to correct errors or omissions in previously filed returns.
Consequences of missing the January 15 deadline
If you fail to file your ITR by tomorrow, you lose the opportunity to file or revise your return for AY 2024-25.
Non-compliance may lead to notices from the Income Tax Department and additional penalties for default.
Tips for last-minute filing
- Use the Income Tax Department’s e-filing portal for quick submission.
- Double-check details like income, deductions, and tax paid to avoid errors.
- Pay any pending tax dues along with interest and penalties before filing.
First Published: Jan 14, 2025 11:17 AM IST
