Pay Rs 5,000 if ITR filing deadline is missed: Income Tax Returns 2023
For the fiscal year 2022–23 (AY 2023–24), the last day to submit an income tax return (ITR) without incurring a late fee is July 31, 2023.
The monetary year 2022-2023's personal assessment form should be recorded by July 31. New ITR forms for the assessment year 2023–24 will be available on April 1. ITRs must be submitted by the deadline for those who earn more than the basic exemption threshold of Rs 2.5 lakh per year. However, those who are eligible for exemptions and have taxable income of up to Rs 5 lakh are exempt from paying taxes.
The government climbed the cutoff time for ITR detailing from July 31 to September 30 last year for various reasons. However, a date for this year's extension has not yet been set.
If the ITR filing deadline is missed, what happens?
Late charge: In accordance with Section 234F, a Rs. You must pay 5,000. If the total income falls below Rs. It will be reduced to Rs. 5 lakhs. 1000.
Interest: Under Section 234A, you are required to pay interest on the outstanding tax balance at a rate of 1% per month or a fraction of a month if you submit your return after the deadline.
Late Response: You can file a delayed return after the ITR filing deadline if it passes without being observed. You will not have the option to move the misfortunes forward for later changes, yet you will in any case have to pay the late charge and interest.
Adjustment to Loss: You can carry over losses from stocks, mutual funds, real estate, or any of your businesses and make up the difference with income from the following year. Your expense risk will be extraordinarily decreased thus. Provided that you remember a misfortune statement for your ITR and submit it by the due date to the income tax division is a misfortune change permitted.