Income Tax Return Filing Last Date: As the deadline approaches on December 31 for filing Income Tax Returns (ITR) for the financial year 2022-23, taxpayers are strongly encouraged to take swift action and submit their returns by today. This is particularly crucial for those who have not yet filed, need to make updates, or rectify errors in their previously submitted tax returns.
“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 income tax department posted on X.
What if you surpass the December 31 cutoff?
Should you miss the December 31 deadline for belated Income Tax Returns (ITRs), you have the option to submit updated ITRs. The Finance Act of 2022 introduced these updated returns, providing additional time for filing income tax returns.
Importantly, the Income Tax Department does not impose charges or penalties for filing revised ITR. However, individuals making adjustments to their income, resulting in additional income declarations, may be subject to additional taxes. Failure to rectify errors could lead to fines and interest on outstanding amounts.
Also Read | ‘Last and final call’: Don’t miss December 31 income tax return (ITR) filing deadline
Income tax department notifies ITR forms 1, 4
Meanwhile, the Income Tax Department has released notifications for ITR forms 1 and 4, typically utilized by individuals and entities with annual total income up to ₹50 lakh, for the assessment year (AY) 2024-25. Normally, ITR forms for a specific financial year are announced by the end of March or early April. However, this year, the ITR forms have been notified as early as December.
For those filing belated returns, a fine of up to ₹5,000 may be applicable under Section 234F of the Income Tax Department. However, individuals with an annual income below ₹5 lakh will face a maximum late fee of ₹1,000. The clock is ticking, and taxpayers are urged to take immediate action to avoid unnecessary penalties and ensure compliance with income tax regulations.
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Published: 31 Dec 2023, 07:20 AM IST