If you miss the December 31 deadline for belated ITRs, you can file updated ITRs. The Finance Act of 2022 introduced updated returns to extend timeframe to file the return of income.
For those taxpayers who missed the July 31 deadline to submit their Income Tax Return (ITR) for the fiscal year 2022-23, the Income Tax Department has recently shared a warning. The department announced on social media platform X that such taxpayers must file by December 31, 2023. The post highlights that this is the last chance to file a belated/revised ITR for the financial year. Additionally, the post distinguishes between revised and belated ITRs for the taxpayers' convenience.
"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 post read on X.
The department has also shared the link to it’s website. By clicking on this, you will be able to find everything you need to know about filing your ITRs.
What happens if you miss the December 31 deadline?
If you miss the December 31 deadline for belated ITRs, you can file updated ITRs. The Finance Act of 2022 introduced updated returns to extend the timeframe to file the return of income.
As the crucial time to submit Income Tax Returns (ITR) gets closer, taxpayers understand the importance of timely action. Abhishek Soni, CEO of Tax2win said that failing to meet the initial July 31st deadline doesn't signify the end. You still have a chance to submit a belated return but remember, this can only be done until December 31st. However, each passing day after the set deadline can cost you additional charges.
Soni further clarifies your interest will pile up at a rate of 1% every month or part thereof for late filings. Also, under section 234F, there are penalties for late filing. A hefty penalty of Rs 5000 applies to people with taxable incomes above Rs 5 lakh, while a smaller Rs 1000 fine applies to those earning below Rs 5 lakh. However, no penalty is levied for incomes less than Rs 2.5 lakh, Soni added.
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 "Late ITR filling window closes on December 31: What happens if you miss deadline?")
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