By Vivek Dubey
CNBC-TV18.com
Published July 18, 2024
Filing Income Tax Returns (ITR) is a crucial annual responsibility for citizens. It allows taxpayers to claim refunds on excess tax paid or deducted.
The deadline for filing ITR for the financial year 2022-2023 (assessment year 2023-2024) is July 31, 2023. Reminders are being issued to ensure timely filing.
Missed the deadline? File belated ITR with a penalty. A fee of ₹5,000 applies under Section 234F, reduced to ₹1,000 for incomes under ₹5 lakh.
If tax is due, a 1% monthly interest applies post-deadline until the ITR is filed. Ensure timely filing to avoid additional costs.
Belated returns are filed under Section 139(4) of the Income Tax Act. The process mirrors that of filing before the deadline.
Section 139(8A) allows updated returns within 24 months of the assessment year, offering more time for compliance.
Updated returns do not incur penalties but require additional tax under Section 140B. This aids in accurate tax filings.
Updated returns must use the specific ITR forms for the relevant assessment year, accompanied by form ITR-U.
Failure to file ITR means you cannot carry forward current assessment year losses. This can impact future tax calculations.
Non-filing can lead to penalties ranging from 50% to 200% of the assessed tax. Compliance avoids these severe fines.
Extreme non-compliance, especially in high-value cases, risks prosecution. Filing ITR on time mitigates legal consequences.