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If you miss the December 31 deadline for belated ITRs, you can file up to date ITRs. The Finance Act of 2022 launched up to date returns to increase timeframe to file the return of earnings.
For these taxpayers who missed the July 31 deadline to submit their Income Tax Return (ITR) for the fiscal 12 months 2022-23, the Income Tax Department has lately shared a warning. The division introduced on social media platform X that such taxpayers should file by December 31, 2023. The put up highlights that that is the final probability to file a belated/revised ITR for the monetary 12 months. Additionally, the put up distinguishes between revised and belated ITRs for the taxpayers’ comfort.
“Kind Attention Taxpayers, 31st December 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the put up learn on X.
Kind Attention Taxpayers,
thirty first December, 2023 is your final probability to file a belated/revised ITR for AY 2023-2024.
Hurry! File your ITR earlier than the due date.
Pl go to https://t.co/uv6KQUbXGv#FileNow pic.twitter.com/S6HRuxYGBg
— Income Tax India (@IncomeTaxIndia) December 28, 2023
The division has additionally shared the hyperlink to it’s web site. By clicking on this, you will be capable of discover all the pieces you have to find out about submitting your ITRs.
What happens if you miss the December 31 deadline?
If you miss the December 31 deadline for belated ITRs, you can file up to date ITRs. The Finance Act of 2022 launched up to date returns to increase the timeframe to file the return of earnings.
As the essential time to submit Income Tax Returns (ITR) will get nearer, taxpayers perceive the significance of well timed motion. Abhishek Soni, CEO of Tax2win mentioned that failing to satisfy the preliminary July thirty first deadline does not signify the top. You nonetheless have an opportunity to submit a belated return however bear in mind, this may solely be completed till December thirty first. However, every passing day after the set deadline can price you extra costs.
Soni additional clarifies your curiosity will pile up at a charge of 1% each month or half thereof for late filings. Also, below part 234F, there are penalties for late submitting. A hefty penalty of Rs 5000 applies to folks with taxable incomes above Rs 5 lakh, whereas a smaller Rs 1000 wonderful applies to these incomes beneath Rs 5 lakh. However, no penalty is levied for incomes lower than Rs 2.5 lakh, Soni added.
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