ITR Filing Deadline| Penalty & Consequences For Late ITR Filing| Income Tax Slabs скачать в хорошем качестве

ITR Filing Deadline| Penalty & Consequences For Late ITR Filing| Income Tax Slabs

The countdown for filing the Income Tax Returns or ITR for the financial year 2023-24 has begun. The last date to file the ITR returns is July 31st. But what happens in case you miss the ITR filing deadline. Number 1: If you fail to meet the deadline, you can still submit a late return but you will pay a penalty or a late filing fee. This fee varies depending on an individual's income slab and is subject under section 234F of the Income Tax Act. For instance, the maximum penalty for taxable income up to 5 lakh rupees is 1,000. And the maximum penalty for taxable income exceeding 5 lakh rupees is 5,000. Number 2: Other than paying a penalty, there is one more implication of filing a belated return. The taxpayer is automatically assigned the New Tax Regime which was introduced in 2020. And remember, even if the New Tax regime offers lower tax rates, it puts a limit on deductions and exemptions. Therefore, if you file a late ITR, you automatically forfeit the option to choose the Old Tax Regime. However, in certain cases, filing an ITR after the due date is allowed. Let's look at such instances. Number 1: For individuals and businesses whose accounts require auditing, the deadline has been extended to October 31st. The Income Tax Department grants an extra three months so that concerned individuals and businesses can complete their audit with a recognized chartered accountant before filing their ITR. Number 2: The businesses that involve international transactions are given an extended deadline of November 30th. It is because these businesses typically need extensive analysis and documentation. Number 3: For businesses that engage in specified domestic transactions, an extension is granted. This is due to the requirement of such businesses to undergo detailed reporting and compliance procedures. Now, what if you miss the belated return deadline also? Again, you can still file an updated tax return. An updated tax return can be filed within two years from the end of the relevant assessment year. For instance, an updated tax return for AY 2022-23 can be submitted until March 31, 2025. Two cases emerge here. If you file the updated return within one year from the end of the assessment year, an additional tax of 25% on the total tax and interest will be levied. And, if you file after one year but before the two-year deadline, the additional tax will be 50% on the total tax along with interest. Well, these were some of the scenarios. However, with a few more days left to the July 31st deadline, it is always advisable to file the ITRs on time and stick to the deadline. .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► News9 Plus Website : https://www.news9plus.com/all ► News9 Plus App : https://onelink.to/8pwfkc ► News9 OTT Coupons : https://bit.ly/4dwLDx4 ► Watch us on YouTube :    / news9live   ► Like us on Facebook :   / news9live   ► Follow us on Instagram :   / news9live   ► Follow us on Twitter :   / news9tweets