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Income Tax: Taxpayers may be fined Rs 10,000, know the reason

Income Tax Return: This news can be useful for taxpayers because if you do not take care of some things, then you can be fined up to Rs 10,000.

Income Tax Return: The last date for filing Income Tax Return for the financial year 2023-24 and assessment year 2024-25 was 31 July 2024. But there is no need to panic because even if someone has missed the last date to file ITR, he can still file his tax return with late fees. This is called Belated ITR Filing. The last date for filing belated ITR is 31 December. For AY2024-25, belated ITR can be filed till 31 December 2024.

Penalty up to Rs 10,000

Filing a belated Income Tax Return can attract a penalty under Section 234F of the Income Tax Act. Know how much penalty can be imposed-

If the ITR is filed on or before 31 December of the assessment year, the penalty will be Rs 5,000.

If the return is filed after 31 December but before the end of the assessment year (31 March), the penalty will be Rs 10,000.

But keep in mind that if the total income does not exceed Rs 5,00,000, then the penalty will be Rs 1,000.

If you delay filing your return, you will be charged interest

If you have any outstanding tax liability, interest can also be charged on the amount due under section 234A (for delay in filing returns). Keep in mind that if you file your return late, you cannot carry forward certain losses (for example, business losses, capital losses) to the future, except for losses under income from house property.

Information about income tax refund

If you find out that you have made a mistake in your belated return, you can also file a revised return (Revised ITR) within the deadline. If any tax has been paid in excess, you can also claim a refund (Income Tax Refund), but this process may take more time due to late filing.

Income Tax Return Verification

After filing the belated return, you need to verify it online through Aadhaar OTP, net banking, etc., or send a copy of the ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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