Income Tax Return: Due to the last date of filing Income Tax (ITR) being 31st July, there is a crisis on the last date. The government often keeps extending the deadline, but this time no announcement has been made yet. Therefore, individual taxpayers have only a few days to file their ITR.
ITR: There are some such government works, which are fine if they are settled in time, otherwise fine may have to be paid later. Now it is necessary to do such a government work within 20 days, otherwise a fine of Rs 5000 can also be imposed. Actually, people whose income is more than the income tax slab, it is necessary to file ITR. Income tax return can be filed by 31 July 2023 for the financial year 2022-23.
Income tax return
Income Tax Return (ITR) is the document that every taxpayer has to file with the Income Tax Department. This is done every year to declare the income earned during the previous year. Income tax return is submitted once a year. The ITR form, also known as Form 16, helps in filing your income tax return efficiently and quickly.
Income Tax
Due to the last date of filing Income Tax (ITR) being 31st July, there is a crisis on the last date. The government often keeps extending the deadline, but this time no announcement has been made yet. Therefore individual taxpayers have only 20 days to file their ITR. Taxpayers will file their ITR for the financial year 2022-23 and assessment year 2023-24 ending on 31 March.
Fine
As a responsible citizen of India, it is the duty of every taxpayer to file ITR on time, failing which they may have to pay penalty. If the ITR is filed by the due date, then no penalty is levied, but once the due date is passed, the penalty may have to be paid. Everyone has to file ITR under Section 234 if the deadline for filing ITR is missed, but under Section 139 if you do not file ITR then no late fee will be charged from you.
Not filing your ITR by the due date
According to the official website of the Income Tax Department, if one fails to file ITR within the time limit under section 139(1), he may have to pay a late fee of Rs 5,000 as penalty under section 234F. However, if someone’s income does not exceed Rs 5 lakh, then they will have to pay a fine of Rs 1,000 in the same situation.
ITR after due date
The Income Tax website says that if an ITR is not filed on or before the due date specified under section 139(1), it will be treated as belated return. As per the rules, belated ITR is filed under section 139(4).
