ITR Filing Last Date, 31st December Deadline: Have not filed your income tax return yet. Or such returns in which something still needs to be updated or some mistake has been made. These taxpayers have a chance to file their Revised and Belated Return till December 31, 2023.
ITR Filing last date 2023: The big deadline is near for those taxpayers who have not yet filed their income tax return for the financial year 2022-23 (AY 2023-24). Or such returns in which something still needs to be updated or some mistake has been made. These taxpayers have a chance to file their Revised and Belated Return till December 31, 2023.
What if it is not filled this time also?
If those who have not filed their returns miss this deadline, then they will not be able to file their returns for this assessment year. They will have to file it with the next assessment year along with penalty. Those who had filed their return before or after July 31, but there is some mistake in it, or if there has been some change in their AIS i.e. Annual Information Statement after adjusting TDS etc., then they should You will also have to revise your ITR. If they do not do this then they will not be able to revise their ITR and they may have to pay more tax later.
Income Tax Department has issued advisory
Recently, the Income Tax Department had issued an advisory to taxpayers to file revised ITR. Especially, most of the people who have done high value transactions for 2022-2023 are getting the message to fill the revised ITR. Taxpayers can respond by re-checking the AIS form. Income tax return will not be revised after December 31.
What fine will have to be paid?
No charge or penalty is imposed by the Income Tax Department on filing revised ITR. However, if you make any change in your income and show additional income while filing revised ITR, then you will have to pay additional tax on it. In such a case, you may also be charged a fine and interest on the outstanding amount.
At the same time, for filing belated return, you may have to pay a fine of up to Rs 5,000. There is a rule under Section 234F of the Income Tax Department that a fine of Rs 5,000 will be imposed on taxpayers who have made late filing of ITR. But those whose annual income is less than Rs 5 lakh, the maximum late fee will be Rs 1,000.