Income Tax Return: Important news for taxpayers. In fact, according to an update, it is being said that now these taxpayers will have to pay a fine of Rs 6,000.
PAN is one of the important documents for all income taxpayers. Recently, the government has made it mandatory to link Aadhaar with PAN number. The last date for PAN Aadhaar linking was June 30, 2023. As per the government order, after the last date of Aadhaar PAN linking is over, PANs without Aadhaar will become in-operative.
As a result, such income taxpayers whose PAN has become in-operative will not be able to file Income Tax Return ie ITR till 31st July because after a PAN becomes in-operative, it will take about 30 days to become active again. And to make an in-operative PAN operative again, Aadhaar will have to be linked and for this the PAN holder will also have to pay a fine of 1000.
This much fine will have to be paid after July 31-
Now with this fine, the last date for applying for Aadhaar PAN link and waiting for the in-operative PAN to become operative will pass for most of the income taxpayers. With the beginning of the new financial year, the process of filing income tax return i.e. ITR filing for the financial year 2022-23 is going on. Income taxpayers have been given the opportunity till 31 July 2023 for ITR filing by the CBDT.
After July 31, such tax payer will have to pay more amount as penalty for ITR filing. Taxpayers with income above Rs 5 lakh will have to pay Rs 5000 as penalty and taxpayers with less than Rs 1000 as penalty for ITR filing. After the last date i.e. 31st July, there is time till 31st December with penalty. Till this date, you can file ITR with late return file. In such a situation, income taxpayers will have to pay a penalty of Rs 5,000.
Will be able to file ITR till December 31 with fine-
According to the information given on the website of the Income Tax Department, after July 31, 2023, those filing ITR will have to pay a fine of Rs 5,000. Overall, taxpayers with income above 5 lakhs will have to spend Rs 6000 for Aadhaar PAN link and ITR filing. On the other hand, a person with less than 5 lakhs will have to spend Rs 1000 for PAN Aadhaar link and Rs 1000 for late filing. Even after December 31, 2023, if someone does not fill ITR, then he may have to pay double the amount at the time of filing. For more information, you can visit the official website of CBDT.
