June 24, 2024

Each eligible taxpayer is answerable for submitting revenue tax returns. The deadline for submitting revenue tax returns is often the thirty first of July of every 12 months. Nonetheless, life could also be hectic, and chances are you’ll finish your self lacking this deadline. However don’t be involved! Though the time has handed, you’ll be able to nonetheless file your revenue tax return (ITR).

In case you are meant to be paying taxes however have been unable to take action by the due date, July thirty first, you’ll be able to nonetheless pay taxes by December thirty first. Merely file a late return. This late return is also known as Belated Return. The belated return will be filed at any time after July thirty first however earlier than December thirty first, nevertheless, there’s a late cost.

In case your web revenue exceeds Rs 5 lakh, you’ll be able to file your taxes after paying a late cost of Rs 5000. Nonetheless, in case your web revenue is lower than that, you may be charged a Rs 1000 late price.

How To File A Late Tax Return

There are two methods to file a late return beneath part 139(4):

1. On-line: Use the Earnings Tax e-Submitting Portal to file it.

2. Offline: The Offline ITR Preparation Utility, which have to be submitted to the e-filing portal, can be utilized.

If you don’t pay your taxes for the fiscal 12 months 2022-23, you have to pay the tax legal responsibility plus curiosity beneath Sections 234A, 234B, or 234C. Even if you happen to have been unable to file your revenue tax returns, you have to pay the tax.

You probably have paid your taxes on time however didn’t file your returns, you may be unable to submit the returns or request forgiveness for the delay. The Earnings Tax Division could subject a discover beneath Part 271F for failure to file an ITR, which can end in a penalty of as much as Rs 5,000 for failing to fulfill the deadline.

You probably have an inexpensive clarification for the delay and the assessing officer accepts it, chances are you’ll be spared from paying the penalty.

It’s nonetheless prompt that you simply comply with the deadlines established by the authorities to pay taxes with a purpose to keep away from incurring any late charges, however if you’re unable to take action as a result of unavoidable circumstances, submitting a delayed return is the best choice.