DECEMBER 31 BELATED ITR DEADLINE
Income tax return processing status: How much time it takes for tax department to process ITR
Processing of ITR: The income tax return (ITR) filing deadline for for the financial year 2023-24 (assessment year 2023-24) is July 31, 2024. It's crucial to file the ITR by the specified deadline to avoid penalties and late fees. Additionally, it's important to ensure that the Income Tax Department promptly processes the filed ITR.
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Money changes in July: With July fast approaching, it's essential to keep track of upcoming money deadlines and rule changes. Here is a look at five money-related changes and deadlines in July.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
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New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply
New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms.
March 31 is the last date to file ITR-U for AY 2021-22; If you miss, be ready to pay up to 200% of the income tax evaded
Income tax updated return: March 31, 2024 is the last date to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21). Do note that ITR-U may be used to fix errors like under-reporting or misreporting of income, or any other errors in the previously filed ITR. Once the deadline to file ITR-U is over and you are caught evading taxes penalty up to 200% of the tax evaded can be levied.
Long weekend cancelled for income tax department; it will work on March 29 to 31st to facilitate taxpayers
Income tax department: March 29, 2024 is Good Friday, a holiday and March 30 is a Saturday. Further March 31 is a sunday. In light of the financial year 2023-24 ending on March 31, 2024, the income tax department has cancelled the holiday and said that its office will be open on all three days.
Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filing
Who has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as TDS (tax deducted at source) from a receipt of Rs. 2 crore received by the accused in the fiscal year 2013-14. Despite this, the accused failed to file an income tax return for the assessment year 2014-15.
Wait for unprocessed income tax refund to get longer; deadline extended by 3 months
Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals would get tax refund, read here to know who gets and who does not.
10 money deadlines ending on December 31, 2023; Know which ones have been extended
There were many deadlines which are scheduled on December 31, 2023 of which some have been extended. Here is a list of deadlines which are extended and which are scheduled on December 31, 2023.
Missed ITR filing deadline of July 31 for FY 2022-23? Don’t forget to file belated ITR by Dec 31
If you have missed the income tax return (ITR) filing deadline of July 31, 2023, then you have time till December 31, 2023 to file a belated ITR. Also, if there is a mistake in the belated or original ITR, then also you can file revised ITR. The last date to file belated and/or revised ITR is December 31, 2023.
File belated ITR, sign revised locker agreement, activate UPI: 6 money, tax tasks to complete before December 31
These deadlines include signing a revised bank locker agreement, invest in special FDs with higher interest rates and more.
Can you switch tax regime from previous/ last year when filing belated ITR?
If an individual is having income from business or profession for FY 2022-23 (AY 2023-24) and want to opt for or opt out of the new tax regime/ old tax regime, they need to file Form 10-IE before the deadline for ITR filing i.e. July 31, 2023 or October 31, 2023 (for audit cases).
These individual taxpayers will get old income tax refund by January 31, 2024
Income tax department has passed an order stating that individuals who had filed ITRs for AY 2018-19 (FY 2017-18), AY 2019-20 (FY 2018-19) and AY 2020-21 (FY 2019-20) and still not received their income tax refund yet, would now get so by January 31, 2023. However if an individual has got an tax demand at the time of ITR filing or after processing of ITR, this relaxation would not be applicable.
December 2023 money deadlines: Last dates for free Aadhaar updation, investing in special FDs, update bank locker agreement
Here is a look at 10 important money deadlines in the month of December.
Is there a penalty for filing revised income tax return (ITR) after July 31?
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How to pay the penalty before filing a belated income tax return (ITR)
Missed the ITR deadline of July 31, 2023 and have a net taxable income above Rs 5 lakh for FY 2022-23 (AY 2023-24)? Pay Rs 5,000 as penalty and file a belated ITR under section 139 (4) of the Income Tax Act, 1961. Read below how to pay up the penalty while filing a belated ITR.
How to file belated ITR online for FY 2022-23 (AY 2023-24)?
If an individual has missed the deadline of July 31, 2023 to file their income tax return (ITR) for FY 2022-23, then he/she may still file a belated ITR by paying a penal fee. However if an individual's income is below the basic exemption limit then there is no penal fee for filing belated ITR.
Has the ITR filing deadline been extended beyond July 31?
The last date to file income tax return for AY 2023-24 (FY 2022-23) was July 31, 2023. Despite asking for extension, the government has not extended the deadline for ITR filing. This is the second time that the government has not extended the deadline. Last year also the due date to file ITR was not extended.
When is the last date to file a belated ITR?
Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the income tax due amount. Nonetheless it is better to file a belated ITR than not filing any ITR, despite having a net taxable income.
Taxpayers ask for extension of ITR filing due date. Here's what they are tweeting
However, if one missed July 31 deadline they can file a belated ITR till December 31, 2023. Note that Individuals have to pay a penalty of up to Rs 5,000 under Section 234F of the Income Tax Act, 1961.
Actual cost of missing July 31 ITR filing deadline is much more than penalty
If an individual misses the last date of filing ITR i.e., July 31, then it is a known fact that a belated ITR can be filed albeit by paying a late filing fee for maximum up to Rs 5,000. However, there are certain other costs that an individual should know if they file a belated ITR.
How you can still save tax while filing ITR for FY 2022-23
If you are wondering how to lower the tax liability while filing income tax return, then it may happen that you have missed out to claim certain tax deductions for which you are eligible for. Here are seven tax exemptions and deductions that you can claim while filing ITR, provided you opt for old tax regime.
ITR filing: Not linking PAN with Aadhaar can cost you Rs 6,000
Now that the deadline for PAN Aadhaar linking is over, your PAN card will be tagged as in-operative. So to make it operative again it takes a maximum of 30 days, during which time you may miss out the deadline for filing of your income tax return. Read on to find out what happens now.
More than 1 crore ITRs filed till June 26: I-T Dept
India's income tax department announced that more than 1 crore income tax returns have been filed until June 26th - 12 days earlier compared to the same period last year. The deadline for filing tax returns for income earned in the 2022-2023 fiscal is July 31st for salaried taxpayers and those who don't need their accounts audited. The I-T department also emphasized the need to file ITRs early to avoid the last-minute rush.
What to do if you have missed income tax return filing deadline of July 31
The last date for filing income tax return (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it.
ITR: Missed deadline of December 31, 2022, to file these ITRs for FY 2021-22 (AY 2022-23)? Here’s what you can do
December 31, 2022 was the last date for filing certain income tax returns. These include - belated ITR and reivsed ITR. However, if you have missed this deadline, then you have an option to file updated income tax return or also known as ITR-U. Here's what you need to know about.
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