Each eligible taxpayer is accountable for submitting earnings tax returns. The deadline for submitting earnings tax returns is normally the thirty first of July of every yr. Nonetheless, life could also be hectic, and you could finish your self lacking this deadline. However don’t be involved! Despite the fact that the time has handed, you may nonetheless file your earnings tax return (ITR).
In case you are meant to be paying taxes however had been unable to take action by the due date, July thirty first, you may nonetheless pay taxes by December thirty first. Merely file a late return. This late return is also known as Belated Return. The belated return might be filed at any time after July thirty first however earlier than December thirty first, nevertheless, there’s a late cost.
In case your internet earnings exceeds Rs 5 lakh, you may file your taxes after paying a late cost of Rs 5000. Nonetheless, in case your internet earnings is lower than that, you can be charged a Rs 1000 late payment.
How To File A Late Tax Return
There are two methods to file a late return underneath 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 yr 2022-23, you could pay the tax legal responsibility plus curiosity underneath Sections 234A, 234B, or 234C. Even for those who had been unable to file your earnings tax returns, you could pay the tax.
If in case you have paid your taxes on time however didn’t file your returns, you can be unable to submit the returns or request forgiveness for the delay. The Earnings Tax Division could situation a discover underneath Part 271F for failure to file an ITR, which can lead to a penalty of as much as Rs 5,000 for failing to fulfill the deadline.
If in case you have an affordable clarification for the delay and the assessing officer accepts it, you could be spared from paying the penalty.
It’s nonetheless steered that you just 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 as a result of unavoidable circumstances, submitting a delayed return is the most suitable choice.