June 24, 2024

The deadline for submitting the unique Revenue Tax Return or ITR was July 31, however there’s no want to fret in the event you missed it. You continue to have choices! People could make use of the belated submitting provision, permitting them to submit their ITR even after the deadline has handed. This fashion, you’ll be able to guarantee compliance with tax laws and keep away from any penalties.

Furthermore, generally errors occur, and taxpayers might notice they missed together with sure essential data or made errors of their preliminary submitting. The excellent news is that the method permits for flexibility. You may file a revised return to rectify any discrepancies or omissions in your authentic submitting. This fashion, you’ll be able to be sure that your tax data are correct and updated.

Penalty for Belated, Revised and Up to date ITR

Introducing the up to date return choice, as per Part 139(8A) of the Revenue Tax Act. Just lately launched by the Finance Act, 2022, this provision permits people an extended period, as much as 24 months from the top of the related evaluation 12 months, to file their revenue tax return. Remarkably, this may be performed even after the same old cut-off dates for belated or revised returns have expired. Avail the advantages of the up to date return to make sure accuracy and compliance with ease.

Penalty Levied

Relating to submitting a belated return as per Part 234F of the Revenue Tax Act, 1961, taxpayers have to be aware of the charge concerned – Rs 5,000. Nonetheless, there’s a glimmer of hope for these with a complete revenue under Rs 5 lakh in a monetary 12 months, as the utmost penalty for the delay is capped at Rs 1,000.

Furthermore, if there’s a pending tax fee, taxpayers will encounter a further cost of 1 % curiosity per 30 days. This curiosity accrues from the unique due date till the profitable submitting of their Revenue Tax Return (ITR).

Relating to submitting a revised return, there gained’t be any penalty until the assessing officer discovers intentional or fraudulent errors within the preliminary submitting. In such circumstances, revision is probably not allowed, and penalties may very well be imposed.

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However, these opting to furnish an up to date return gained’t face any penalty or charges. Nonetheless, it’s important to remember that in line with Part 140B of the Revenue Tax Act, extra taxes may apply based mostly on the up to date data supplied.