Income Tax News: The Income Tax Department of India has announced the deadline for filing amended and belated income tax returns (ITRs) for the Fiscal Year (FY) 2022–2023 and Assessment Year (AY) 2023–2024. Belated returns may be filed under Section 139(4) of the Income Tax Act, while revised returns may be filed under Section 139(5). This notification is directed towards all individuals who have failed to file ITRs. Remember to put December 31, 2023, on your calendar, and follow these easy instructions to avoid the last-minute rush.
Late Filing Consequences Based on Income
According to reports, taxpayers will be required to pay a Rs 1,000 late filing penalty if their income is less than Rs 5 lakhs, or a Rs 5,000 late filing penalty. For a safer and more efficient process, there are a few terms you should be aware of before filing the return. The 12-month period during which you earn money is known as the Financial Year. It resembles a yearly pay period.
Post-Financial Year Examination
Whereas the Assessment Year is something that happens after the Financial Year concludes. The period of time that follows, from April 1 to March 31, is when your income from the Financial Year is examined for taxation purposes. To put it simply, the Assessment Year is when the government reviews your earnings in order to determine your taxes, and the Financial Year is similar to your earnings calendar.
Return of Revised and Belated IT
Belated Return: You can still file your income tax return even if you miss the deadline! You may file what is known as a “belated return” in accordance with Income-tax Act of 1961 Section 139(4). But bear in mind that filing your return after the deadline is subject to a Rs 5,000 penalty under Section 234F. Penalty Maximum of Rs 1,000 for Annual Income Up to Rs 5 lakh Interest on Delinquent Payments: 1% monthly from the date of due date until the filing date.
Revised Return: You have the option to file a revised return under Section 139 if you failed to include any income in your initial return (5). The good news is that updating your return won’t incur any additional fees. But exercise caution—if the assessing officer discovers intentional errors, there could be penalties.
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