The deadline for filing revenue tax returns for the monetary 12 months 2022-23 for salaried people and those that do not have to get their accounts audited ends right now (July 31, Monday)
According to the Income Tax Department on Sunday, over 6 crore tax returns have been filed for the earlier 12 months, and over 11 lakh returns have been filed upto 12 pm on Monday, together with 3.39 lakh in the last hour.. The variety of ITRs filed has exceeded the variety of returns filed last 12 months until July 31.
“We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven’t filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush,” the IT division tweeted on Sunday.
So what occurs if you miss the deadline?
Missing the deadline for filing IT returns entails late charges and further curiosity. However, the course of can nonetheless be accomplished after the last prescribed date. Any salaried particular person who has missed the ITR deadline can file a belated return until December 31, with the addition of a late filing price.
Individuals whose revenue exceeds Rs 5 lakh every year could have to pay Rs 5,000 as late filing charges, if they’re filing ITR after the last date, beneath Section 234F of the Income Tax Act, 1961. The penalty for individuals who earn under Rs 5 lakh per 12 months is Rs 1,000.
In the case of a belated ITR, many losses in the enterprise or capital can’t be carried ahead in the coming years. Additionally, late filers have to pay penal curiosity at the price of 1% for every month after the due date has handed.
An particular person is eligible for curiosity on revenue tax refund, if filed on time. However, no curiosity is payable in the case of a belated return. In some circumstances, such taxpayers may face prosecution or imprisonment if they deliberately refuse to file their return after notices by the IT Department.
If a citizen doesn’t submit the data laid out in Section 44AA on time, he shall be fined up to Rs. 25,000 beneath division 271A. If the assessed individual enters the worldwide trade, the penalty is 2% of the worldwide trade or home order worth.
A high quality of Rs 1,50,000 or Rs 0, whichever is decrease, if the evaluator fails to overview their data, get hold of an audit report, or challenge such publications. 5% of all gross sales, turnover or complete income. A high quality of Rs 100,000 shall be imposed if the assessor fails to submit audited paperwork relating to overseas commerce.
If a citizen is deemed not to have paid his tax legal responsibility, for instance, if he fails to pay inside the specified time after notification beneath Article 156, the would possibly power a punishment not exceeding the tax in arrears as per Section 221(1).
In case people miss the deadline for a belated ITR on December, they’ll nonetheless file an up to date return, or ITR-U, for the earlier monetary 12 months, which may solely be completed at the finish of the present evaluation 12 months, i.e., April 1, 2024, with extra rates of interest.
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