Income Tax Return: Now only a few days are left for the new year to come. Before the new year starts, make sure that all your work related to income tax is settled.
Now only a few days are left for the new year to come. Before the new year starts, make sure that all your work related to income tax is settled. 31 December 2022 The last date for filing revised income tax return for the financial year 2021-22 is 31 December 2022. Under the Income Tax Act, if a person has missed the last date for filing the original income tax return, he can also file ITR till December 31.
If you missed earlier then still there is a chance
So, if a person had not filed the return on or before July 31, 2022, then he has a chance till December 31, 2022 to file ITR. Similarly, if you had made a mistake while filing the original income tax return, then the taxpayer can correct it by filing a revised income tax return. The last date for filing revised ITR for the financial year 2021-22 has been kept as 31 December 2022.
If you missed filing ITR, you can file ITR under section 139(4) of the Income Tax Act, 1961. However, the process to file it is the same as for normal ITR filing. While filing this, the taxpayer should take care of two things. First, select section 139(4) in the tax return form and pay the appropriate amount of penalty, interest on penalty and outstanding tax.
These taxpayers will be fined
Under Section 234F of the Income Tax Act, late filing of ITR attracts a penalty of Rs 5,000 on the taxpayer. However, small taxpayers with taxable income up to Rs 5 lakh have to pay a penalty of Rs 1,000 only. Late ITR filing fee has to be paid before starting ITR filing.
Let us tell you that according to the Central Board of Direct Taxes, taxpayers who have earned through online games, lottery or betting and have not given its details in ITR, they will have to file an updated ITR and give these details in it. According to income tax rules, taxpayers who have filled wrong information in their ITR or have filled half incomplete information, they also have to fill updated ITR.
