ITR deadline over, now what? File with late penalty or face these consequences

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The federal government didn’t prolong the deadline to file earnings tax return (ITR) for the monetary 12 months 2022-23 because the deadline handed on July 31. If in case you have didn’t file ITR, you possibly can nonetheless file a belated return until 31 December, however with a penalty.

Income Tax return deadline passed on July 31
Revenue Tax return deadline handed on July 31

Information from Revenue Tax Division confirmed that greater than 6.77 crore ITRs for the evaluation 12 months 2023-24 had been filed until July 31. Of those, over 64.33 lakh had been filed on the final day.

What to do if missed July 31 ITR deadline?

Anybody whose whole earnings from all sources is greater than the exemption restrict should file their earnings tax returns. If the deadline is missed, taxpayers can file a ‘belated return’ which can be subjected to a penalty.

ALSO READ: Taxmen raid UP YouTuber who earned 1 crore from movies

What are the results of not submitting ITR?

1. Taxpayers who fail to file their ITR by the deadline might incur a penalty of 5,000 underneath Part 234F. Nevertheless, for people with an earnings of lower than 5 lakh, the penalty can be a lowered quantity of 1,000, reported Mint.

2. A minimal penalty is just one of many detrimental penalties of submitting your IT returns late. You’re additionally required to pay curiosity on the tax due on the price of 1% per thirty days, a word from HDFC Financial institution stated. That is relevant till you file your tax returns. So, the earlier you submit your ITR, the lesser you’ll have to pay as curiosity.

3. Typically, if you file your IT returns on time, you might be eligible for an earnings tax refund and an curiosity cost on the refund. Nevertheless, you forfeit this profit in case you missed the deadline, HDFC Financial institution added.

4. If you file your IT returns, it’s potential to make a reporting error. In such a case, you possibly can revise the error in order that the filed returns are correct. Nevertheless, this selection is just out there to those that submit their returns throughout the due date, the word added.

In case you might be submitting a belated ITR, guarantee there are not any errors.

Listed below are some highlights of the AY 2023-24 ITR submitting

1. Greater than 6.77 crore ITRs for AY 2023-24 had been filed until July 31, 16.1% greater than the ITRs filed within the corresponding interval final 12 months.

2. Over 64.33 lakh ITRs had been filed on a single day i.e., July 31

3. Round 53.67 lakh ITRs had been filed by first-time filers, a good indication of the widening of the tax base.

4. 5.63 crore returns e-verified. Of the e-verified ITRs, 3.44 crore ITRs had been processed (61%) by July 31.

5. Over 32 crore profitable logins on the e-filing portal (01.07.23 to 31.07.23). 2.74 crore profitable logins on July 31 itself.

6. Over 1.26 crore challans had been obtained by the TIN 2.0 cost system in July itself.

7. The e-filing Helpdesk dealt with greater than 5 lakh queries in July itself.

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