Jamshedpur, July 27: The last date for filing Income Tax Return (ITR) for the financial year 2022-23 is 31 July. The government has made it clear that the date for filing income tax returns will not be extended.
If IT Returns are not completed before the stipulated time, then penalty may have to be paid for it later. Although the person who does not file ITR by July 31 will get a chance, but may have to face financial loss. The option of late filing of return is available till 31 December 2023, but for this, along with tax, penalty will also have to be paid.
Individuals with total income of more than Rs 5 lakh can face a penalty of up to Rs 5,000 for late filing of ITR. This is a late fine, which will depend on the period of delay.
The longer the delay, the higher the amount of the fine. Apart from this, those who do not fill their ITR on time may also have to face loss in tax deduction.
This may eventually increase the tax liability. If a person files ITR after December 31, then he may have to pay a fine of up to Rs 10,000. If you fail to file ITR by 31 July 2023
An additional interest of one per cent per month till the return is not filed.
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