The last date for filing income tax returns this year is September 15. Tax experts say that taxpayers should not wait for the last date to file ITR.

Who can use ITR-6 Form?

ITR-6 is used by all companies registered under the Companies Act, 2013 (or earlier versions). The only companies that cannot use this form are those that claim exemption under section 11. This means that private limited companies, public limited companies and one person companies can use ITR-6. It is also important to note that the ITR-6 form is not for individuals and HUFs and taxpayers who use forms like ITR-1, ITR-3 and ITR-5.

Why was the ITR filing deadline extended?

The Income Tax Department had extended the last date for filing ITR to 15 September this year. Taxpayers who are not required to get their accounts audited can file ITR till 15 September. The government had made several changes in the income tax rules including capital gains. According to this, it was necessary to change the ITR form. Therefore, the deadline for filing income tax returns was extended this year. Generally, the last date for filing income tax returns is 31 July. Taxpayers whose accounts are required to be audited can file income tax returns till 31 October this year.

What will happen if the return is not filed by 15th September?

Tax experts say that if taxpayers are unable to file returns by September 15 for any reason, they can file belated returns by December 31. However, taxpayers will have to pay interest and penalty on tax for filing belated returns. If the annual income is less than Rs 5 lakh, the penalty will be Rs 1,000. If the annual income is more than Rs 5,000, the penalty will be Rs 5,000. Experts say that filing belated returns delays the refund.

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The last date of this scheme was fixed as 31 December, which has now been extended to 31 January. This means that for one more month taxpayers can settle their disputed tax with less amount. Let us tell you that this scheme was announced by the Finance Minister in the first budget of Modi 3.0. Let us know about it in detail…

Deadline extended for one month

The Income Tax Department had started the Vivaad se Vishwas scheme to settle the disputed tax issues of taxpayers, in which taxpayers troubled by income tax disputes can get it done by paying a small amount. The deadline of this scheme was also going to end on 31 December 2024 i.e. today. But on Monday itself, the Income Tax Department issued a notification in this regard and announced to extend its deadline for 1 month. If you want to settle the tax dispute by taking advantage of this scheme, then you now have time till 31 January 2025.

Otherwise, you will have to pay 110% payment

The Central Direct Tax Commission (CBDT) has issued a notification saying that now the benefit of Vivaad se Vishwas scheme will be available next year as well and disputed tax settlements can be done till January 31. It has been clearly stated that if taxpayers are unable to settle their disputes by the new deadline, then in such a situation, 110% payment of the disputed tax demand will have to be made on the declarations made on or after February 1, 2025.

These taxpayers will get the benefit of the scheme

Vivad Se Vishwas Yojna will be available to such taxpayers whose petition has been filed in relation to the disputed tax related matter. Taxpayers who have filed a petition in the Supreme Court, High Court or Income Tax Appellate Tribunal till July 22, 2024, or have been appealed by the tax officers, then they can get the benefit of settling the tax by paying a lesser amount under this scheme.

The government hopes that this scheme will resolve about 2.7 crore direct tax demands, the total amount of which will be about Rs 35 lakh crore. Four types of forms have been issued under this scheme of the Income Tax Department, which was started to settle these cases quickly.

These four forms have been issued

• Form 1 – In this you will file the declaration and give the undertaking.
• Form 2 – This will be for the certificate to be issued by the authority.
• Form 3 – Under this form, the declarant will give information about the payment.
• Form 4 – The authority will give information about the full and final settlement of the tax arrears.

Form 1 and 3 are the most important.

In the Vivaad se Vishwas Sarkari scheme, Form-1 has to be filled separately for every dispute related to income tax. Whereas in Form-3, you will have to share the payment information. In this, you will have to give it to the authority along with the proof of appeal, objection, application, writ petition or withdrawal of the claim. Form 1 and 3 can be submitted electronically by the taxpayers. These forms will be made available on the e-filing portal of the Income Tax Department i.e. www.incometax.gov.in.

What is direct and indirect tax?

In India, income tax comes under direct tax. People who fall under the prescribed range for this have to pay tax according to their income bracket and file income tax return (ITR). Indirect tax includes cases of goods and services tax i.e. GST. Whatever goods you buy or use any service like telecom, you have to pay GST on it.

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