The last date to file returns for individuals is set by the Income Tax Department. The due date differs based on the individual's income source and business type. Penalty for non-filing of an income tax return According toSection 234Fof the Income Tax Act, a late filing fine of ₹5,00...
Disallowance of Deductions:Certain deductions and exemptions, such as the deduction underSection 80G(donations) andSection 80C(investments), may not be available if you file your ITR after the due date. Delay in Refund:If you are entitled to a tax refund, the processing of your refund may be...
Due Date for ITR Filing For the Assessment Year (AY) 2024-25, thelast date for an Income tax filing (Income tax returns)under section 139(1) is July 31, 2024, unless extended by the government. It's important for taxpayers to note that merely paying taxes does not fulfil all obligation...
Due Date filing of belated ITR for AY 2021-22 is31st March 2022. According Section 234F and provisions made under the Income Tax Act, 1961, the penalty forbelated ITR could be up to Rs 5,000/-. Kindly note that, in case wheretotal incomeof the Taxpayer is not more than Rs 5 lakh...
Before filing the return, the due tax must be paid. The tax can be paid online or through challan 280 by depositing in bank with cheque or cash. Step 2: Late Return Filing If the taxpayer has missed the due date of filing the Income tax return, the same can still be submitted as ...
Section 244A: Under Section 244A of the Income Tax Act, taxpayers are entitled to receive interest on their refund if the amount exceeds 10% of the tax liability for the relevant assessment year. This provision ensures that taxpayers receive compensation for the delay in refund disbursement. Tim...
Revised return can be filed only if the original return was filed within due date, Original return is filed under section 139(1). If a return is filed after the due date,calledbelated return, then it cannot be revised. Till when can one revise a return? Time period of filing the revise...
(ITR) is31 July 2019.From FY 2018-19 If taxpayers – individual or corporate – forget to file their income tax returns by the due date, theywill not be allowedto claim tax breaks on investments, children’s school fees and medical insurance premiums under theSection 80.So you willno ...
#1. Avoid Penalty up to INR 10,000/-This year, the government has introduced a new section in the Income Tax Act-1961, i.e. section 234F wherein failing to file ITR on due date July 31, 2018, attracts a mandatory penalty of 5,000/- that may extend up to 10,000/- if not file...
Due Dates for Filing ITR The due dates for filing ITR in India are on or before 31st July of each financial year. However, taxpayers filing their return after exceeding the due date or last date will have to pay interest under Section 234A and a penalty under Section 234F. Income tax ...