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Sunday, June 23, 2024

What Will Happen If You Miss The Last Date to File an Income Tax Return?

<p>The income tax agency confirmed in a tweet on Saturday, July 29, that the deadline to submit an ITR for AY 2023–24 is July 31, 2023. After this, it appears doubtful that the ITR deadline will be extended. Over 5 crore income tax returns have been submitted so far. If you miss the ITR deadline of July 31 what follows:</p>
<p>“Skip the last-day rush. 3 days remain for #ITR submission. The deadline to submit your ITR for the tax year 2023–24 is July 31, 2023. After filing, don’t forget to e-verify, Income Tax India said in a tweet on Saturday.<img decoding=”async” class=”alignnone wp-image-101634″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/07/theindiaprint.com-tatler-magazine-names-uk-first-lady-akshata-murty-to-britains-best-dressed-list-received-an-income-tax-notice-after-filing-your-itr-heres-what-to-do-next-11zon.png” alt=”” width=”1467″ height=”989″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/07/theindiaprint.com-tatler-magazine-names-uk-first-lady-akshata-murty-to-britains-best-dressed-list-received-an-income-tax-notice-after-filing-your-itr-heres-what-to-do-next-11zon.png 700w, https://www.theindiaprint.com/wp-content/uploads/2023/07/theindiaprint.com-tatler-magazine-names-uk-first-lady-akshata-murty-to-britains-best-dressed-list-received-an-income-tax-notice-after-filing-your-itr-heres-what-to-do-next-11zon-150×101.png 150w” sizes=”(max-width: 1467px) 100vw, 1467px” /></p>
<p>Consequences of Failing to File an ITR by the Due Date</p>
<p>1. The imposition of a fine in accordance with Section 234F of the Income Tax Act of 1961 is one significant repercussion. The fine is set at Rs 5,000 for a total revenue beyond Rs 5 lakh. Previously, it was 10,000 rupees. The fine is Rs 1,000 for people earning between Rs 2.5 lakh and Rs 5 lakh. In contrast, if the total revenue is less than Rs 2.5 lakh, there is no penalty.</p>
<p>2. If there is a tax debt, a monthly interest charge of 1% will be applied until the ITR is submitted and the debt is satisfied. This interest payment must be made in accordance with Section 234A of the Income Tax Act of 1961.</p>
<p>3. The taxpayer will not be permitted to carry over any losses for the current year if the ITR is not submitted by the deadline.</p>
<p>4. If the ITR is submitted beyond the deadline, the refunding procedure can be delayed.</p>
<p>5. The ITR may be revised for a brief length of time.</p>
<p>Over 14% of individual income taxpayers revealed in a study conducted by LocalCircles on Friday that they would miss the deadline of July 31.</p>
<p>According to the study, which included 12,000 participants, 27% of those polled stated they still needed to complete their income tax forms. While 7 out of 10 people have already filed their income tax forms, 5% of those polled said they attempted but had trouble and will try again by July 31.</p>
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