The last date for depositing income tax i.e. 31st July has passed. But still late and revised ITR can be filed and you can also update the ITR as well.
How much is the fine?
According to Section 234F of the Income Tax Act, 1961, if you file a late ITR, a fine of up to Rs 5,000 will have to be paid to those earning more than Rs 5 lakh in a financial year, while those earning less than Rs 5 lakh will have to pay a fine of Rs 1,000. Will have to pay the fine. On the other hand, if you have any tax liability, interest will also have to be paid on it at the rate of one percent per month till the date of submission of ITR.
If someone wants to revise his return, then he does not have to pay any kind of penalty. However, if the tax officer detects any discrepancy, a penalty has to be paid.
There is no penalty for updating ITR . However, if any additional tax is created, the taxpayers have to deposit it under Section 140B of the Income Tax Act.
How to file?
Late ITR is filed like normal ITR. For this you have to go to the official website of Income Tax. You can also submit the revised return by visiting this website. Revised return has to be filed before the end of the assessment year.
To update the income tax return, you need to fill Form ITR-U. After this, you want to update the return of the assessment year. can update it.
