Finance Minister Nirmala Sitharaman is going to present the budget on February 1. She will present her eighth budget. This time there is a preparation to give relief to the taxpayers through the budget. Actually, there is a demand to extend the last date for filing income tax returns to 31 July.
In such a situation, it is expected that relief can be given in the budget of 2025. The government can extend the last date for filing income tax returns. Tax payers have been demanding for a long time that enough time should be given to file Income Tax Returns (ITR) after the financial year. Currently the last date for filing income tax returns is 31 July. It starts from the first day of the next financial year.
What is the complete mathematics?
Currently, the return has to be filed by 31st July. For this, they have to get their Form 16 by 15th June. In this way, the taxpayer gets only 45 days. Now some people will say that 45 days are enough. No, it takes a lot of time to collect the necessary documents. This is the reason why taxpayers want an extension in its date. In such a situation, it will be interesting to see whether there will be any change in it or not.
In case of delay, a hefty fine has to be paid
If a taxpayer files his income tax return after 31st July, then he has to pay a fine. If you file your income tax return by 30th December, then you have to pay a fine of 1 thousand. If you file it after 30th December, then you have to pay a fine of up to 5 thousand.
What are the demands?
The last date for filing income tax returns should be extended from July 31 to August 31. This will give taxpayers enough time. Apart from this, extending the last date for filing late returns to March 31 will give taxpayers a chance to properly enter the information of foreign income and tax credits. This will help them avoid fines and interest.
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