📣 Missed the July 31 deadline to file your income tax returns for FY 2022-23? Don't worry, you're not alone! In today's video, we've got your back, guiding you through the essential steps if you haven't filed your return by the deadline.
🗓️ Important Dates:
- Belated Return Filing Deadline: December 31, 2023
- Revised Return Submission Deadline: December 31, 2023
💡 What You Need to Know:
- If you missed the July 31 deadline, file a belated return by December 31, 2023.
- Correct any mistakes with a revised return (filed under Section 139(5)).
- No penalty for a revised return if the original was filed by the due date.
⚖️ Penalties for Belated Returns:
- ₹5000 penalty (Reduced to ₹1000 if total annual income is ₹5 lakh or less).
- 1% penal interest on pending tax payment.
📝 How to File Belated Returns:
- Log in to your income tax e-filing portal & file it.
- No separate form for belated returns; file under Section 139(4).
📅 What If You Miss the December 31 Deadline?
- Opt for updated returns or ITR-U after the assessment year ends.
- For FY 2022-23, the window is open from April 1, 2024, to March 31, 2026.
- Be cautious: 25% additional tax in the first relevant assessment year, 50% in the second.
📌 Crucial Reminder:
- After filing any return (belated, revised, or updated), verify it within 30 days.
- Non-verification means the income tax department won't process it.
Read more - bit.ly/3VeoMQ2
#incometax #itr #personalfinance #finance #itrreturn
6 сен 2024
