The Income Tax Department can impose a penalty of up to ₹5,000 for delayed filing or non-filing of an ITR. An additional penal interest on the unpaid tax liability will also be levied if you're filing return after the due date. ...
Belated ITR Filing:If you miss the ITR filing due date, you can still file a belated return, but you must do so by December 31st of the particular assessment year. For example, if you miss the July 31, 2024, due date for the financial year 2023-24 (assessment year 2024-25), you c...
These forms are to be filed by individuals and Hindu Undivided Families (HUF); the same has to be downloaded by an applicant from the e-filing portal. Given below are the categories that fall under the ITR-2 form: Income exceeding Rs.50 lakh Income generated from foreign assets Income rece...
Income Tax Return Forms in India In India, the process of ITR e filing is streamlined through various forms, each designed to cater to different types of taxpayers. Here's a comprehensive overview of these income tax return forms: ITR-1: SAHAJ ...
The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. Read PDF The IT department ha
Hi all,It was a pleasure to talk to you on my Facebook page yesterday, and answer your income tax and tax saving investment related questions.I am glad that I could be of help, and we would definitely have more such sessions before the end of the investment season. A background …[Re...
As the due date for income tax is 31 July, you need to make sure that te returns are file on time. From April 2018, tax rules have changed and a penalty of upto Rs 10000 will be levied if the return is not filed on time. Also, the ITR revision time limit
File ITR After Due Date - Called "Belated ITR" If the income tax is filed after the due date, it is called a 'belated return'. However, for this, the taxpayers will need to pay a penalty fee, as fixed in the Finance Act.
By understanding the provisions and guidelines outlined by tax laws, you can optimize your income tax refund and potentially earn interest on the amount due to you. Timely filing of your income tax return, adherence to the prescribed forms, accurate reporting, and staying updated with the latest...
Due Dates for Filing Income Tax Return For AY 2022-23 What is Updated ITR return? An updated ITR,ITR-U, is an updated return that allows you to update/file any of your previous income tax returns under section Section 139(8A) within 24 monthsfrom the end of the relevant assessment year...