Income Tax News: There is still time for taxpayers who missed the July 31, 2023, deadline to file their Income Tax Returns (ITRs) for the fiscal year 2022–2023 (AY 2023–24). The return will now be known as a belated ITR, but you can still file it. Returns must be made by December 31, 2023.
Section 139(4) Deadline
The Income Tax Act of 1961’s Section 139(4) specifies this as the deadline for filing a belated ITR. Additionally, there is a 5,000 rupee fine for it. In addition, you have the option to file a revised ITR to fix any errors. In accordance with Income Tax Act section 139(5), the revised ITR is submitted.
No Unique ITR Form
Make sure you choose the correct category (139(4)) on the ITR form when filing your belated ITR. For this, there is no unique ITR form. The Income Tax Department typically sends out notifications regarding the ITR form for the financial year in April. To take into account the modifications made to the Income Tax Act, this has been done. An individual can file a revised ITR if the original tax return contained an error and it hasn’t been processed yet. The procedures for filing an amended ITR are the same as those for an original or belated ITR. Don’t forget to choose section 139(5) when submitting your amended ITR.
Filing a Belated ITR by December 31st
What transpires, then, if the deadline of December 31st is missed? Actually, those who file a belated ITR by December 31st still have the opportunity to file their ITR according to income tax laws. We refer to this as filing an amended return. Another name for it is ITR-U. But updated returns can only be submitted following the conclusion of the assessment year.
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