The last date for filing Income Tax Return (ITR) for the financial year 2022-23 is July 31, 2023. If you miss filing ITR even on this day, you can file a belated return till December 31, 2023, with a penalty. There is an opportunity to file belated returns after the end of the original deadline for filing returns for a financial year.
There is scope for filing belated returns with a penalty under section 234F for non-filing of returns within the prescribed time limit for any assessment year under section 139(1) of the Income Tax Act. If the total income of the income taxpayer does not exceed 5 lakhs then he will have to pay a penalty of Rs 1,000. If the income is more than 5 lakhs then there will be a fine of Rs 5,000. If the income is less than the exemption limit (2.50 lakh), then there will be no penalty. Till July 30, 2023, more than 6 crore returns have been filed. 26.76 lakh ITRs were filed till 6.30 pm on Sunday alone.
Interest will have to be paid along with the penalty
The calculation of the penalty for non-filing of return starts from the date after the due date i.e. July 31, 2023. Hence, the longer the delay in filing ITR, the higher the penalty. Along with the fine, interest will also be charged. If you do not file the return on or before the due date, interest under Section 234A of the Income Tax Act shall be payable at the rate of one percent for every month or part of the month on the outstanding tax. ITR cannot be filed if tax is not paid.
If not filed even till 31st December...
If you do not file ITR even by December 31, 2023, then the Income Tax Department can issue you a show cause notice. If your explanation is not found satisfactory, the Income Tax Department may initiate the process of prosecution in the matter as per its statutory authority. In this, the income taxpayer concerned can be punished with imprisonment for a maximum of seven years.
...then the refund will come on time
Adhil Shetty, CEO of Bank Bazaar, says that to avoid loss, ITR must be filled on time. There are many benefits of filing returns on time. One of them is a timely refund. Also, if you file ITR by the due date, you can carry forward your loss to subsequent financial years.
Why is Pakistan so saddened by Saudi Crown Prince Mohammed bin Salman's visit to India?
Even after the end of the G20 summit in the Indian capital New Delhi, Saudi Arabia's Crown Prince
In the biting cold, five-year-old 'Child Ram' continued giving darshan to the devotees for 18 hou
Chips for Viksit Bharat: Prime Minister Narendra Modi participated in the program 'India's Teched
Ranveer Singh and Alia Bhatt's starrer film 'Rocky Aur Rani Ki Prem Kahani' is in the limelight b
Rajya Sabha MP from Aam Aadmi Party Sanjay Singh read out the Chief Minister's message to the pub
In the first Test being played between India and South Africa in Centurion, KL Rahul won the hear
Ranbir Kapoor is in the news for his upcoming film Animal. His first look from the film has alrea
The Indian team made a winning start to its campaign in the World Cup 2023. The Rohit Sharma-led
Prime Minister Narendra Modi went out to hold five rallies across the country on Tuesday. While g
Indian cricket team's opening batsman Shikhar Dhawan is out of the team these days. Even away fro