ITR Submission: The Income Tax Department has issued a warning for taxpayers who have missed July 31 for the Financial Year 2022-23 (Financial Year 2022-23). For this, the department has also resorted to social media.
Let me tell you, the rules of the Income Tax Department have made it mandatory for every person to file income returns with evaluation year 2020-21. For those who have to pay income tax, three main conditions have also been kept in it, about which you can read below. In addition, it has also been warned that if a taxpayer fails to file delayed ITRs, he may face some “adverse results”.
The Income Tax Department has ordered people to file their ITR immediately, explaining the difference between the revised and delayed ITR in a post on X (first Twitter). In its post, the department wrote, “Taxpayers should note, that December 31, 2023, is your last chance to file a delayed/revised ITR for the assessment year 2023-2024. Make your ITR before the due date.”
The department has also shared a link to its website, where users can get all the information about filing ITR.
As we said, the rules of the Income Tax Department have made it mandatory for every person to file income returns from the year 2020-21. For those who have to pay income tax, three main conditions have also been kept in it. In the condition “if per person has deposited Rs 1 crore or more in one or more current account, has spent more than 2 lakhs for himself or for another person for traveling abroad and for payment of electricity bills A total of more than 1 lakh rupees has been spent. ” Are included.
The department has also said that for those who fail to file income tax returns within the stipulated time, delayed returns can be filed under Section 139 (4) of the Income Tax Act. There is no separate form for delayed ITRs, a assessee must use a special assessment form notified for the year.
If a taxpayer fails to file a delayed ITR, he may face some “adverse results”. According to the Income Tax Department, losses (apart from income from home property) cannot be carried forward, interest under section 234A, and fee will be imposed under section 234F, the taxpayer will not be entitled to exemption under sections 10A and 10B, And deduction will not be available under Chapter VI-A K Part-C. A fine of Rs 5,000 is mandatory in Section 234F or Rs 1,000 for small taxpayers and 1 percent per month is applicable under Section 234A on pending income tax payments.