Each eligible taxpayer is accountable for submitting earnings tax returns. The deadline for submitting earnings tax returns is often the thirty first of July of every 12 months. Nonetheless, life could also be hectic, and you might finish your self lacking this deadline. However don’t be involved! Though the time has handed, you possibly can nonetheless file your earnings tax return (ITR).
In case you are meant to be paying taxes however have been unable to take action by the due date, July thirty first, you possibly can nonetheless pay taxes by December thirty first. Merely file a late return. This late return is also known as Belated Return. The belated return could be filed at any time after July thirty first however earlier than December thirty first, nevertheless, there’s a late cost.
In case your web earnings exceeds Rs 5 lakh, you possibly can file your taxes after paying a late cost of Rs 5000. Nonetheless, in case your web earnings is lower than that, you may be charged a Rs 1000 late price.
How To File A Late Tax Return
There are two methods to file a late return beneath part 139(4):
1. On-line: Use the Earnings Tax e-Submitting Portal to file it.
2. Offline: The Offline ITR Preparation Utility, which have to be submitted to the e-filing portal, can be utilized.
If you don’t pay your taxes for the fiscal 12 months 2022-23, you will need to pay the tax legal responsibility plus curiosity beneath Sections 234A, 234B, or 234C. Even when you have been unable to file your earnings tax returns, you will need to pay the tax.
In case you have paid your taxes on time however didn’t file your returns, you may be unable to submit the returns or request forgiveness for the delay. The Earnings Tax Division might difficulty a discover beneath Part 271F for failure to file an ITR, which can end in a penalty of as much as Rs 5,000 for failing to satisfy the deadline.
In case you have an affordable rationalization for the delay and the assessing officer accepts it, you might be spared from paying the penalty.
It’s nonetheless advised that you simply observe the deadlines established by the authorities to pay taxes with a purpose to keep away from incurring any late charges, however if you’re unable to take action resulting from unavoidable circumstances, submitting a delayed return is the most suitable choice.
