ITR: Late fee of Rs 5000 will have to be paid under section 234F. If the total income is less than Rs 5 lakh, then it will be reduced to Rs 1,000. Apart from this, if you have suffered losses from the stock market, mutual funds, property or any of your business, then you can carry it forward. Let’s know about it in detail.
The last date for filing income tax return is getting closer. Those people whose income is taxable, it is necessary to file income tax return. While filing income tax return, people also get some exemption on income tax. At the same time, it also happens that people are not able to file income tax till the due date. In such a situation, people may also have to pay penalty.
31 July 2023 last date
There is a due date for filing ITR. This time you can file income tax return till 31 July 2023. After this, if income tax return is filed, then penalty can be imposed. What if you miss the deadline for filing ITR? If you file your return after the due date, you will have to pay interest at the rate of 1% per month or part month under section 234A on the unpaid tax amount.
Income Tax
At the same time, under section 234F, a late fee of Rs 5000 will have to be paid. If the total income is less than Rs 5 lakh, then it will be reduced to Rs 1,000. Apart from this, if you have incurred losses in the stock market, mutual funds, property or any of your business, then you can carry it forward and adjust it against the income of the next year. This can help in reducing your tax liability significantly. Loss set off is allowed only if you declare the loss in your ITR and file it with the Income Tax Department before the deadline.
Delayed return
On the other hand, if you miss the due date for filing ITR, then you can file the return after the due date, which is called belated return. However, you will still have to pay the late fee and interest and will not be allowed to carry forward the loss for future adjustments. The Income Tax Department has also specified the due date for filing belated returns which is 31st December of the assessment year (unless extended through the government). For this year you can file belated return till 31 December 2023.
