The Income Tax Department requested their taxpayers to file their ITR for the Assessment Year 2023-24 today, i.e., 31 July 2023.
1. If you miss the 31st July deadline, you can still file till 31st December with late fee fine depends upon your income. - For those whose annual income exceeds more than 5 Lakh per annum, their fine will be Rs.5000/- - For those whose income below 5 Lakh, their fine will be Rs.1000/-
In addition to late fee fine, you will also have to pay penal interest on any Tax Amount Due. According to the IT Act, you must interest at 1% for each month or part of a month after the due date until the actual date of filing the return.
After 31 July, you can still complete your process of filing the ITR with late fee fine by visiting IT Department portal with providing suitable documents, calculate your tax liability along with the penal interest and after successfully filing the return, IT department will process your return and determine any refund or taxes.
Final Thoughts
If the taxpayers fail to submit an ITR at all, they will not be allowed to carry forward the losses they incurred during the current AY. In addition, if taxpayers fail to file their income tax returns, a penalty equal to 200 percent of the tax.
ITR Helpdesk is functioning over 24*7 basis as they are providing support to their taxpayers through Call, LiveChats & Social Media.