Missed your Income Tax return or Forget to file
Missed your Income Tax Due Date Deadline AY 2023-24 ? Don't Panic, here's what you can do.
If you are one of the many taxpayers who missed the deadline for filing your income tax return (ITR) for the Assessment year AY 2023-24, you might be feeling anxious and worried about the consequences. However, there is no need to lose hope, as you still have some options to file your belated return and avoid hefty penalties.
The deadline for filing ITR for AY 2023-24 was December 31, 2023, for most taxpayers, however, due to the COVID-19 pandemic and the disruptions caused by it, many people could not file their returns on time, The Government has not announced any extension of the deadline so far, but it may do so in the future, considering the hardships faced by the taxpayers.
If you have missed the deadline, you can still file your ITR as belated return under section 139 (4) of the Income Tax Act, 1961. A belated return can be filed anytime before the end of the relevant assessment year, i.e., March 21, 2024, or before the completion of the assessment by the department, whichever is earlier.
However, filing a belated return has some drawbacks. First, you will have to pay a late fee of Rs. 5,000 if you file your return after December 31, 2023, but before March, 31, 2024. The late fee will increase to Rs. 10,000 if you file your return after March 31, 2024. However, If your total income does not exceed Rs 5 lakh, the Maximum late fee will be Rs. 1,000.
Third, you will have to pay interest on any tax liability that remains unpaid after the due date. The interest rate is 1% per month or part of month from the due date till the date of filing the return. you will also have to pay interest on any self assessment tax paid after the due date till the date of filing the return.
Fourth, you will not be able to revise your belated return if you discover any mistake or omission later. A revised return can only be filed if the original return was filed on or before the due date.
Fifth, you may face scrutiny or penalty from the government from the tax department if they find any discrepancy or concealment in your belated return. The penalty for concealment of Income can be up to 300% of the tax evaded.
Therefore, it is advisable to file your ITR as soon as possible and avoid these drawbacks, You can file your ITR online through the e- filing portal of the Income Tax department or through any authorized e return intermediary. you will need your PAN, Aadhaar, Bank Account details, Form 16 (Salaried), From 26 AS(If salaried), Form 26AS ( Tax Credit Statement ), other relevant documents to file your ITR.
You should also verify your ITR after filing it by either using Aadhaar Based OTP or net banking or sending a signed copy of ITR-V (acknowledgment) to CPC Bengaluru within 120 days of filing. Only after verification, your ITR will be processed by tax department and any refund due to you will be issued.
If you need any assistance or guidance in filing your ITR, you can consult a Professional Tax Advisor or get our experts consulting to file your Income Tax return with tax planning that can help you with the process.
Remember, Filing your ITR is not only a legal obligation but also a financial responsibility. it helps you to claim refunds, carry forward losses, apply for loans, and avoid penalties and notices from the tax department. so don't delay it any further and file your ITR Today.
For more Queries and Filing Services contract our Team. sales@rbassoicatesandtaxmatters.co.in
