Income Tax Return 2023: If you file income tax, then you should know these things first, otherwise you may have to pay a heavy fine. The last date for filing income tax return for the financial year 2022-2023 is July 31 and new ITR forms will be available for the year 2023-24 from April 1.
That is, it is very important for you to file ITR by July 31, 2023, after that you may have to pay Rs 5,000 as penalty for filing ITR. Explain that those who earn more than the basic exemption limit of Rs 2.5 lakh annually, they will have to submit their ITR before the deadline. However, persons having taxable income up to Rs 5 lakh who are eligible for exemption are exempted from paying tax. The government had extended the ITR reporting deadline from July 31 to September 30 last year due to various reasons. However, no date has been given yet for the extension of this year.
Have to pay this much penalty
If the deadline for filing ITR is missed, then you will have to pay Rs 5,000 as late fee under Section 234F of the Income Tax Act. If the total income is less than Rs.5 lakh then you will have to pay Rs.1000. On the other hand, if you submit your return after the deadline, you will have to pay interest under section 234A at the rate of 1% every month or a fraction of a month on the outstanding tax balance.
In this situation you can file belated return
If the ITR filing deadline passes unnoticed, you can file a belated return after the deadline. You will not be able to carry forward the loss for subsequent adjustments, but will still have to pay late fee and interest.
Can make up the difference with next year’s income
If you have incurred losses on investments in stocks, mutual funds, real estate, or any of your ventures, you can carry them forward and make up the difference with next year’s income. As a result, your tax liability will be greatly reduced. Adjustment of loss is allowed only if you include the declaration of loss in your ITR and submit it to the Income Tax Department by the due date.
