ITR Submission Last Chance Income Tax Department Warned to File Belated Return of Deal With Hefty Penalty
The Income Tax Department, in a post on In its post, the department wrote, “Taxpayers please note, December 31, 2023 is your last chance to file delayed/revised ITR for assessment year 2023-2024. Hurry! File your ITR before the due date.”
The department has also shared a link to its website, where users can get all the information about filing ITR.
As we mentioned, Income Tax Department rules have made it mandatory for every individual to file return of income from assessment year 2020-21. Three main conditions have also been laid down for those who will have to pay income tax. The condition includes “if the individual has deposited Rs 1 crore or more in one or more current accounts, has incurred aggregate expenditure of more than Rs 2 lakh for travel abroad for himself or any other person and for payment of electricity bill The total expenditure has been more than Rs 1 lakh.” Are included.
The department has also said that for those who fail to file income tax returns within the prescribed deadline, delayed returns can be filed under section 139 (4) of the Income Tax Act. There is no separate form for delayed ITR, an assessee has to use the form notified for a particular assessment year.
If a taxpayer fails to file even a delayed ITR, he may have to face certain “adverse consequences”. According to the Income Tax Department, the loss (other than income from house property) cannot be carried forward, interest will be charged under section 234A and section 234F, the taxpayer will also not be entitled to exemption under sections 10A and 10B, And deduction will not be available under Part C of Chapter VI-A. Section 234F carries a mandatory penalty of Rs 5,000 or Rs 1,000 for small taxpayers and penal interest of 1 per cent per month is applicable under Section 234A on pending income tax payments.
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