new Delhi: If you look at the financial year 2021-22, then your income tax return file has been missed to some extent. There you have some time left. The limit regarding belated and revised ITR file can be abolished on 31 December 2022. If any taxpayers talk about filing income tax return, then the last date has been missed. It also becomes important to file belated ITR.
The last chance to file late return starts with the penalty. However, penalty is not going to be imposed for the revised return. Be informed that late payment of ITR is punishable under section 234F of the Income Tax (I-T) Act of 1961. For this, a fine of up to Rs 5000 has to be paid.
Those who are submitting late returns more. They can easily take profit after stop loss with similar ones. An ITR which was updated late needs to be updated. However, if you are filing it at the same time then you get the return for filing.
If a taxpayer talks of delay, then the time of filing ITR becomes a mistake. So that benefit can be availed by filing an updated ITR. The Finance Act of 2022 introduced a new concept of updated returns, which considered taxpayers subject to payment of taxes.
An ITR that has to be filed if we talk about the due date of the return. He may get fine for delayed returns. You can take advantage of Section 139(4) of the IT Act by filing belated returns by 31st December of the relevant assessment year.
: ITR date is getting expired, it will cost 5000 ₹ fine appeared first on Times Bull.