The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on X.
The I-T deparment has also issued a warning for taxpayers who missed the July 31 deadline to file their ITRs for financial year 2022-23. The I-T deparment alerted that such taxpayers that December 31 is the last chance for them to file a belated/revised ITR return for the financial year 2022-23.
“Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the income tax department posted on X.
If someone misses the December 31 deadline for belated ITRs, then one can file updated ITRs. The Finance Act of 2022 introduced updated returns to give more time to file the return of income.
A belated Income Tax Return (ITR) refers to the tax return that is filed after the due date mandated by Section 139(1) of the Income Tax Act, 1961. The act requires eligible taxpayers to file their tax return on or before either July 31, October 31 or November 30 of the relevant Assessment Year.
However, if a taxpayer fails to adhere to this timeline, they are permitted to file a belated return under section 139(4) of the IT Act. This is subject to the payment of late fees and interest. The belated return can be filed three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever comes first.
Under Section 139(4) of the Income-tax Act, 1961, belated returns can be filed. On the other hand, a revised return can be filed under Section 139(5) of the same Act. The filing process for both is identical to filing an original ITR. However, taxpayers should be aware that a penalty of Rs 5,000 is charged under Section 234F of the Income Tax Act, 1961, for filing a belated return. For those whose total income does not exceed Rs 5 lakh per annum, the maximum penalty for late filing is Rs 1,000.
Additionally, if there is tax due, an interest of 1 per cent per month is charged after the due date until the ITR is filed. No additional penalty is imposed on the revised IT return. Yet, if the assessing officer in the Income Tax department discovers intentional or fraudulent errors, the revised return might not be accepted and a penalty could be imposed.