DECEMBER 31 BELATED ITR DEADLINE
![ITR filing: How to calculate taxable income for salaried, professional, freelancers and others](https://img.etimg.com/thumb/msid-111514133,width-100,height-75,resizemode-4/wealth/tax/itr-filing-how-to-calculate-taxable-income-for-salaried-professional-freelancers-and-others.jpg)
ITR filing: How to calculate taxable income for salaried, professional, freelancers and others
ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.
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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](https://img.etimg.com/thumb/msid-111333798,width-100,height-75,resizemode-4/wealth/tax/penalty-for-missing-itr-filing-last-date-who-has-to-pay-and-who-doesnt.jpg)
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](https://img.etimg.com/thumb/msid-111278988,width-100,height-75,resizemode-4/wealth/save/6-big-deadlines-rule-changes-in-july-2024-credit-card-rule-changes-paytm-wallet-itr-deadline.jpg)
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)](https://img.etimg.com/thumb/msid-110610905,width-100,height-75,resizemode-4/wealth/tax/last-date-for-filing-income-tax-return-itr.jpg)
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?](https://img.etimg.com/thumb/msid-110754988,width-100,height-75,resizemode-4/wealth/tax/itr-filing-forms-for-fy-2023-24-ay-2024-25-which-income-tax-return-form-applies-to-you.jpg)
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.
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.
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).
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.
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.
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