Did You Miss File Your ITR? Now Considering Penalties & Notices!

Did You Miss File Your ITR? Now Considering Penalties & Notices: As people always use to say “Better late than never” but whenever the time comes to file your income tax returns, you should never be late for File Your ITR. Otherwise, it can become a serious case of big trouble. Taxpayers who have not yet filed their income tax returns for the scheduled financial year 2023 should File Your ITR immediately. The expiration of December 31, 2023, represents the last opportunity for individuals to fulfill this duty to File Your ITR.

However, failure to adhere to this File Your ITR deadline attracts late deposit penalties and interest. Therefore, it is important to understand the consequences and importance of making timely deposits. Despite this, late deposit penalties and interest apply if this deadline is not met. Therefore, it is important to understand the consequences and importance of making timely deposits.

Did You Miss File Your ITR? Now Considering Penalties & Notices!

The early period for filing income tax returns, known as financial year 2022-2023 or assessment year 2023-2024, ended on July 31, 2023. Individuals who were not able to meet this deadline now have time till December 31 to file their ITR. We need to understand that the December 31 deadline applies to all taxpayers, including individuals, corporations, and those who are being audited.

According to Section 234F of the Income Tax Act, individuals who do not file their returns on time will have to face late fees. The fine for those missing the last date is ₹5,000. However, those whose total income is less than ₹5 lakh will have to pay a reduced penalty of only ₹1,000. Additionally, if a taxpayer files his return late, he will be charged interest under Section 234A of the Finance Department. This interest is at the rate of 1 percent per month or part month on the amount of tax not yet paid.

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What will happen if you don’t fill out the Income tax return on time?

Non-filing of ITR may have legal implications. The taxpayer will not be able to carry forward the loss from the current assessment year, and failure to carry forward may attract a penalty. The penalty for non-compliance can range from 50 percent to 200 percent, depending on the degree of non-compliance.

Updated Income tax return option

Despite being exempted from the December 31 deadline, taxpayers can file updated returns within 24 months of the end of the relevant assessment year. The Finance Act, 2022 introduced this project to give a longer period for depositing returns of income. However, submitting updated returns creates additional flexibility. There are no deductions or charges for filing updated returns. Nevertheless, taxpayers will have to pay additional tax as per section 140B of the Christopher Act.

Requirement you need to fill out the updated ITR return

Here below we have given you the all-requirement details which you need to fill the updated ITR.

  1. Taxpayers are required to submit their updated returns using the advised ITR form for their applicable year.
  2. This should be done along with the ITR-U form.
  3. It is important to note that taxpayers cannot submit updated returns for a tax refund.
  4. Taxpayers are required to follow the original verbal filing deadline to claim a refund.

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Possibility of punishment?

In serious cases involving material errors of high value, legal action is likely to be taken against the defaulting taxpayers. It is important to fulfill tax filing obligations to avoid legal consequences.

How to fill late Income tax return?

Step 1:Visit the official website of the income tax return (ITR e-filing portal) link for the portal is https://www.incometax.gov.in/iec/foportal/

Step 2 Now you have to log in by using your PAN card/Aadhar card number and password

Step 3: After logging in, click on ‘e-File’, then click on ‘Income Tax Return’ and then click on ‘File Income Tax Return. (as given in the picture below)

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Step 4: Select the appropriate current year.

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Step 5: If you choose the ‘Online‘ mode of filing, follow steps 5 to 10. If you choose the ‘Offline‘ mode of filing, skip to step 11.

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Step 6: now click on the “start new Filing button” to complete your OTR return.

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Step 7: Now click on the application status

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Step 8: After completing the above-mentioned steps you have to select the applicable ITR form

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Step 9 Please click on the ‘Personal Information’ section and ensure that all your details are correct.

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Step 10: now you have to scroll down on the page to the filing section and select 139(4)

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Step 11: Once you have completed all the above-mentioned steps, now on this page you have to fill in all your income details from all sources

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By following the above-mentioned steps you can fill out your Income Tax return. Filling income tax returns on time can provide you with a lot of benefits and it can save you from a serious penalty.