Big news on the ITReturn Last Date! If not, submit your revised and belated ITR right away

 Big news on the ITReturn Last Date! If not, submit your revised and belated ITR right away

Big news on the ITReturn Last Date! If not, submit your revised and belated ITR right away

December 31st is the deadline for filing your income tax return if you haven't already. or similar returns if an error has been made or something still has to be corrected. These taxpayers have until December 31, 2023, to submit their revised and belated return.

ITR Filing Deadline 2023: For taxpayers who have not yet submitted their income tax return for the fiscal year 2022–2023 (AY 2023–24), the significant deadline is drawing close. or similar returns if an error has been made or something still has to be corrected. These taxpayers have until December 31, 2023, to submit their revised and belated return.

What happens if it's not full again this time?

Those who have not yet submitted their returns will not have the opportunity to do so for this assessment year if they miss the deadline. They will be required to submit it and pay the penalty with the next assessment year. Those who submitted their returns on or before July 31 but had an error in them, or if their AIS had changed, i.e. Annual Information Statement After the necessary adjustments for TDS, etc., you will also need to amend your ITR. They risk having to pay more tax in the future and losing the ability to amend their ITR if they fail to do this.

The Department of Income Taxation has released an advice

The Income Tax Department has advised taxpayers to submit amended ITRs, according to a recent advice. The majority of those who completed high-value transactions in 2022 and 2023, in particular, are receiving reminders to complete the updated ITR. Taxpayers may reply by going over the AIS form one again. After December 31, there will be no revisions to income tax returns.

What penalty is required to be paid?

The Income Tax Department levies no fees or penalties for submitting amended ITRs. You will be responsible for paying more tax on your income if you alter it in any way and report more income on your amended ITR. You can also be assessed a fine and interest on the unpaid balance in such a situation.

In addition, there might be a fine of up to Rs 5,000 for submitting a late return. According to Income Tax Department regulation Section 234F, taxpayers who file their ITRs beyond the deadline would be fined Rs 5,000. However, the maximum late charge for those whose yearly income is less than Rs 5 lakh would be Rs 1,000.