ITR Filing: If you have missed filing Income Tax Return (ITR), then hurry up because now only 3 days are left.
ITR Filing Last Date: If you have missed filing your Income Tax Return (ITR) for the financial year 2021-22, then hurry up because now only 3 days are left and the deadline for filing delayed and revised ITR is 31 December. Will expire on 2022. A person who has missed the last date for filing the original Income Tax Return can file belated ITR. If you miss filing belated ITR by the due date then the last chance to file late return comes with penalty, however no penalty will be levied on revised return.
There is a Rs 1,000 penalty for small taxpayers with taxable income of less than Rs 5 lakh under section 234F of the Income Tax (I-T) Act of 1961. Sections 234A, 234B, and 234C levy penal interest depending on the type of tax payable. Those who file returns late are similarly prevented from carrying forward their losses. Taxpayers filing late returns are ineligible for interest on I-T refunds to be paid at the rate of 0.5% per month
According to Amit Gupta, MD of SAG Infotech, if ITR is filed before the due date. An ITR which was submitted late can be updated. However, if you file it at the same time, you will lose the opportunity to file the correct ITR if the mistake is discovered later. As a result, file first. If a taxpayer misses the deadline for late ITR filing, he can file an updated ITR.
Update permission
The Finance Act of 2022 introduced a new concept of updated return, which allowed taxpayers to update their ITR within two years of filing, subject to payment of taxes. The new form ITR-U was made available in May this year for taxpayers to update their Income Tax Return (ITR) with any income or earnings that have been filed in the original filing for the financial years beginning 2019-20. I have been abandoned.
Budget 2022-23 has allowed taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping rectify any discrepancy or omission. A taxpayer shall be permitted to file only one update return per assessment year.
File delayed ITR till 31st
An ITR that is filed after the due date of the return is known as belated return. Under section 139(4) of the IT Act, belated returns can be filed till 31st December of the relevant assessment year. If the taxpayer has filed the original or belated ITR, but subsequently discovers an incorrect statement, he has the option of revising his tax return under section 139(5) of the IT Act. Revised returns can be filed by 31st December of the relevant assessment year.
