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