‘Last and final call’: Don’t miss December 31 income tax return (ITR) filing deadline

‘Last and final call’: Don’t miss December 31 income tax return (ITR) filing deadline

The Income Tax Department has reminded the taxpayers who missed the July 31 deadline to file their income tax return (ITR) for the financial year 2022-23. In a post on social media platform X, the department said these taxpayers must do that by December 31, 2023.

“Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the income tax department posted on X.

 

Importantly, after filing any ITR (belated, revised, or updated), it needs to be verified within the next 30 days. If not, the income tax department won’t process it.

What happens if you miss the December 31 deadline?

If you miss the December 31 deadline for belated ITRs, you can file updated ITRs. The Finance Act of 2022 introduced updated returns to give more time to file the return of income.

Consequences of missing the December 31 ITR filing deadline

As the deadline for filing Income Tax Returns (ITR) inches closer, taxpayers must grasp the significance of timely action. “Missing the initial due date i.e. 31st July, doesn’t signify the end; there’s still a chance through the belated return option, available until December 31st. However, each passing day beyond the initial deadline accrues additional costs,” said Abhishek Soni, CEO, of Tax2win

Interest mounts at a rate of 1% per month or part thereof for late filings, calculated from the original due date till the actual filing date, said Soni

Beyond interest, late filing penalties are imposed under section 234F. For individuals with taxable incomes over 5 lakh, the penalty stands at 5000; for those below, it’s 1000. However, for incomes less than 2.5 lakh, no penalty is levied, added Soni.

Meanwhile, the Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to 50 lakh, for assessment year (AY) 2024-25. Usually, ITR forms for a particular financial year are notified by the end of March or early April. However, this year, ITR forms are notified in December itself.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Published: 30 Dec 2023, 06:09 AM IST

Leave a Reply

Your email address will not be published. Required fields are marked *