BELATED ITR
ITR not processed, income tax refund pending? I-T dept can legally take till end of 2025 to process it
Income tax refund pending: If income tax department does not process the income tax return (ITR), the taxpayer will not get their income tax refund dues (if any). The income tax laws mandate the deadline by which the income tax department must process the tax return. Read on to know the due date for the same.
The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024
Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. As per rules a late filing fee of Rs 5,000 or Rs 1000 or nil is levied for filing a belated ITR after the due date. There were about 14 lakh ITRs filed between August 1, 2024 and August 22, 2024.
More taxpayers getting defective ITR notice from tax dept this year; How to rectify the defect
Defective ITR: Chartered accountants report that many of thier clients have received defective ITR notices this year. As per Amit Bansal, Partner - Direct Tax, Singhania & Co, Yes, there has been a noticeable increase in defective ITR notices and invalid returns this year." Know what to do incase you get a defective tax return notice under section 139(9).
These ITR filers have only 10 days left to verify their ITRs else ITR invalid
ITR refund: You won't get tax refund without verifying the filled up and submitted income tax return (ITR). As per CA Twinkle Jain, "If an ITR is not verified within this (the 30 day) period, it is considered invalid. This means that any tax refund claims associated with these ITRs will not be processed & the taxpayer may have to file the ITR again, resulting in a delay in the tax refund process."
Made false deduction claim in ITR? Income tax dept wants employees to rectify this and pay the due tax or be ready for penal action
Income tax deduction: Incase you have mistakenly claimed a incorrect or wrong tax deduction or exemption and thus as a result your tax liability got reduced, then fix this as once. This is becuase if the tax department catches you and it is proved that you evaded taxes, then you can also be jailed.
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ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regime
How to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31 deadline, individuals cannot opt for the old tax regime when filing their tax return for FY24. The new tax regime is the default under the current income tax laws.
Has the last date to file ITR been extended beyond July 31?
ITR deadline extended? Last year, the government did not extend the deadline for filing income tax returns, similar to the year before. However, two years ago, the government extended the deadline for filing income tax returns due to the COVID-19 pandemic.
What is the last date to file ITR with penalty? How to file, charges
Filing ITR after deadline: If your income tax return (ITR) has not been filed, there's no reason to panic because you can still file your tax return after the deadline. Even if you face a penalty, you still have the choice to submit your tax returns after the due date – this is known as a belated return.
What is the penalty for filing ITR after the deadline of July 31, 2024?
Penalty for missing ITR filing deadline: The penalty for late filing of the Income Tax Return (ITR) applies to individuals who fail to meet the July 31, 2024 deadline. A belated ITR refers to an income tax return filed after the designated due date.
ITR filing deadline: 5 consequences of not filing your income tax return today
ITR filing deadline: Taxpayers who fail to meet the deadline for submitting a return have the option to submit a late return by December 31 of the applicable assessment year. Let's examine five outcomes of failing to file ITR before the deadline.
No penalty for missing ITR filing deadline of July 31, 2024 for these people
ITR filing: You don't have to pay the penalty of Rs 5000 or Rs 1000 for filing the ITR after deadline, if you are filing a tax return voluntarily or have income below the basic exemption or the ITR filing deadline for you is October 31, 2024. Read on to find more about belated ITR filing.
Old tax regime ITR filers must file income tax return by July 31 deadline or lose deductions, exemptions for FY 2023-24 (AY 2024-25)
ITR filing last date: The last date to file income tax return for FY 2023-24 (AY 2024-25) is July 31, 2024. Apart from not paying penalty of Rs 5,000, it is important to file ITR before the deadline expires to get the option to file income tax return using old tax regime.
ITR filing last date: Will there be any extension of the income tax return filing deadline?
ITR filing last date: The deadline to file your income tax return (ITR) for the financial year (FY) 2023-24 is July 31, 2024. The income tax department advises taxpayers to file their tax before the July 31, 2024 deadline. With just a couple of days left for this year’s ITR filing, tax filers are still facing issues with the e-filing portal. Here are the latest glitches being faced by taxpayers.
Made a mistake in your filed income tax return? Check the revised ITR filing last date, what are the charges
Revised ITR filing last date: The option to file a revised Income Tax return (ITR) is offered by the Income Tax Department for such cases. The revised return will replace the original ITR and will be considered as if it was filed on the original filing date.
Paying income tax is not enough, you must file the ITR to avoid jail in certain cases
ITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provisions in the Income Tax Act that can lead to imprisonment for not filing income tax returns (ITRs) or not paying income tax when liable," says Priyanka Jain, associate partner, Vaish and Associates.
ITR filing deadline extension: Why hopes for an extension of the last date to file ITR are fading
Last date to file ITR: The tax department has been receiving requests from Chartered accountant associations to address these issues promptly. Despite multiple CAs and taxpayers requesting an extension beyond the July 31 deadline, the Income Tax Department has not responded.
No need to file revised ITR in case of errors: You can 'discard' filed ITR and refile but only if it has not been verified
Discard ITR: Now you can discard a duly filled up income tax return (ITR) and file a fresh ITR only if the original ITR which is discarded now has not been verified. Earlier if you needed to make any corrections in a submitted ITR, you could only file a revised ITR.
ITR Filing: Be ready to pay penalty or file a revised ITR before the deadline if you missed reporting any income
Revised ITR: If you had filed an original income tax return (ITR) before the deadline but missed reporting certain incomes, then it is better to file a revised ITR and make the correction. Same holds true for selection of wrong ITR form while filing original ITR. Make the corrections and file a revised ITR.
Missing ITR filing deadline can cost you much more than just late filing fee
Cost of missing ITR filing deadline: Missing income tax return filing deadline of July 31 not only leads to payment of penalty of up to Rs 5,000. There are other benefits as well that an individual loses if the income tax return is filed after the expiry of deadline (i.e. belated ITR).
How to file ITR after July 31 deadline?
The deadline for submitting your income tax return (ITR) for the fiscal year 2023-24 is fast approaching on July 31, 2024. If you haven't filed your ITR yet and are worried about meeting the July 31 deadline, are there any other options available to you?
Navigating ITR Penalties: What you need to know for FY 2023-24?
As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if applicable. Tax deducted at source (TDS) violations, such as non-deposit or incorrect deductions on property transactions, attract penalties up to 1.5% per month. Timely filing is crucial to claim deductions and avoid penalties up to 300% for tax evasion, ensuring compliance and maximizing tax benefits.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
ITR filing last date: According to the tax laws, different taxpayers have varying due dates for filing their income tax returns. It is crucial to ensure the return is filed by the deadline to prevent potential penalties, such as late filing fees and the inability to choose the old tax regime.
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply
New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms.
March 31 is the last date to file ITR-U for AY 2021-22; If you miss, be ready to pay up to 200% of the income tax evaded
Income tax updated return: March 31, 2024 is the last date to file an updated income tax return (ITR-U) for AY 2021-22 (FY 2020-21). Do note that ITR-U may be used to fix errors like under-reporting or misreporting of income, or any other errors in the previously filed ITR. Once the deadline to file ITR-U is over and you are caught evading taxes penalty up to 200% of the tax evaded can be levied.
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