Have you missed filing your income tax return (ITR) for the financial year 2021-22? Hurry, only 4 days left now as the deadline to file the belated and revised ITR will end on 31 December 2022. An individual who has missed the last date to file an original income tax return can file a belated ITR. What happens if you miss filing the belated ITR by the due date? The last chance for filing late returns comes with a penalty, however, no penalty will be levied on revised returns. TRENDING STORIES See All Premium Afghan prof tears diplomas on live TV against Taliban b … Premium Rishi Sunak asks finance question to homeless man, trol … Premium China Covid surge leads nations to adopt entry restrictions Premium Kotak Mahindra Bank revises rates on FDs, new rates are … “Paying a late ITR is punishable under Section 234F of the Income-Tax (I-T) Act of 1961. Assessees must incur a late filing penalty of up to ₹ 5,000. For small taxpayers with taxable income of less than ₹ 5 lakh, the punishment is ₹ 1,000. Sections 234A, 234B, and 234C impose penalty interest, based on the type of tax payable. Those who submit late returns are likewise prevented from carrying their losses forward. Taxpayers who file a late return are disqualified for interest on I-T refunds, which are paid at a rate of 0.5% per month if the ITR is filed well before due date. An ITR that was submitted late can be updated. Nevertheless, if you file it at the very minute, you will lose the opportunity to file a corrected ITR if you uncover a mistake later. As a result, file earlier or be extra cautious if you submit close to December 31,” said Amit Gupta, MD, SAG Infotech Updated ITRs If a taxpayer misses the deadline for filing a late ITR, she or he can file an updated ITR. The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21). The Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping correct any discrepancy or omissions. A taxpayer would be permitted to file only one updated return per assessment year. Belated ITRs An ITR which is filed after the due date of return is known as a belated return. Belated return can be filed till 31 December of the relevant AY u/s 139(4) of IT Act. MORE FROM THIS SECTION See All Premium Premium 10 years of RIAs: Kalpesh Ashar’s journey as a financia … Premium Premium How can a non-resident Indian get to inherit property i … Premium Premium How are child YouTubers taxed on their income and who p … Premium Premium How to save income tax under various sections in FY 22-23? Revised Return If a taxpayer has filed original or belated ITR but later discovers a wrong statement, they have the option to revise their tax return under section 139(5) of the IT Act. Revised returns can be filed till 31 December of the relevant AY. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less OPEN IN APP
Creator :Livemint
Published on : 2022-12-28 06:28:06
Source :livemint
Article from : See Article