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Today is <keyword id="22458495" type="General" weightage="20" keywordseo="July-31st" source="keywords">July 31st</keyword>, 2024, the last day to file your income tax returns, without having to pay any penalties. And before you ask, the <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">Income Tax Department</keyword> has not come out with any notification informing the taxpayers of a deadline extension. That is why you should not delay filing your <a href="https://www.businessinsider.in/personal-finance/article/heres-your-ready-reckoner-for-itr-filing/articleshow/111402608.cms" data-type="tilCustomLink">income tax returns</a> anymore! The <keyword id="20171597" type="General" weightage="20" keywordseo="IT-department" source="keywords">IT department</keyword> noted that as of July 26th, 2024, over 5 crore ITRs had already been filed, marking an 8.5% increase from the number of ITRs filed during this period, last year. The IT department, in an X post, highlighted that last year, it had reached the 5-crore <keyword id="22083160" type="General" weightage="100" keywordseo="ITR-filing-deadline" source="keywords">ITR filing deadline</keyword> on July 27th. However, this year, it had breached the milestone a day earlier, i.e., on July 26th, 2024. Earlier, the All Gujarat Federation of Tax Consultants and Income Tax Bar Association had requested a deadline extension for AY 2024–25 from July 31st, 2024, to August 31st, 2024, citing issues and glitches in the tax filing portal. However, there has been no response from the finance ministry on the same. <h2>What happens if I don't file my ITR until July 31st? </h2>For AY 2024–25, you can file a <keyword id="6380232" type="General" weightage="20" keywordseo="belated-ITR" source="Orion">belated ITR</keyword> until December 31st, 2024. But remember, it comes with many disadvantages as well. Here's a snapshot of all the benefits you will have to forego: <h2>What are the penalties for late filing of ITR? </h2>1. You will have to pay a penalty of Rs. 1,000 if your total annual taxable income is below Rs 5,00,000. But if your taxable income exceeds this threshold, you will have to pay a penalty of Rs 5,000. 2. Even if you have to file a <keyword id="17933087" type="General" weightage="20" keywordseo="NIL-ITR" source="Orion">nil ITR</keyword>, you must do so before July 31st. This is because if you do not end up filing it on time, you will have to pay a fine of Rs 1,000. 3. According to Section 234A of the <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">Income Tax Act</keyword>, you will also have to pay interest on your outstanding tax amount at the rate of 1% per month, starting from the due date, i.e., July 31st. <h2>No carry forward of losses, old tax regime</h2>1. You will not be able to carry forward any losses, including those from your mutual funds or stock investments, business income, and other sources. You will only be allowed to carry forward your losses from house properties. This could significantly raise your total tax liability and lead to you incurring hefty losses. 2. After July 31st, 2024, you will not be able to opt for the old tax regime for tax calculation purposes. Starting August 1, the new tax regime, which offers significantly fewer deductions and exemptions as compared to the old regime, will be considered default for you. Also read: <a href="https://www.businessinsider.in/personal-finance/article/decoding-form-16-how-do-you-file-your-taxes-if-you-dont-get-form-16/articleshow/111529754.cms" data-type="tilCustomLink">Decoding Form 16: How do you file your taxes if you don't get Form 16?</a> <a href="https://www.businessinsider.in/finance/tax/article/wondering-which-itr-form-is-right-for-you-know-all-about-it-here/articleshow/111406215.cms" data-type="tilCustomLink">Wondering which ITR form is right for you? Know all about it here</a>

ITR Filing: Today is the last day to file your income tax returns, so file today to avoid penalties

Have you filed your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> till now? If not, don't forget that <keyword id="22458495" type="General" weightage="20" keywordseo="July-31st" source="keywords">July 31st</keyword> is the last date to file your ITR, without paying any penalties. However, if you miss this <keyword id="19938467" type="General" weightage="20" keywordseo="deadline" source="keywords">deadline</keyword>, you can still file your ITR by <keyword id="19993002" type="General" weightage="20" keywordseo="December-31st" source="keywords">December 31st</keyword>, 2024. But then, you will have to pay a hefty penalty! To avoid any hassles, here's a handy guide you can use to bookmark all the dates associated with <keyword id="19942833" type="General" weightage="100" keywordseo="ITR-filing" source="keywords">ITR filing</keyword> this year 13 days from now, i.e., 31st July 2024 is the last date for salaried individuals, non-resident Indians (<keyword id="19918875" type="General" weightage="20" keywordseo="NRIs" source="keywords">NRIs</keyword>), Hindu undivided families (HUF) and other entities to file their income tax returns. This date, unless extended, is final for those do not require a prior audit of their books of accounts. Per experts, a date extension seems unlikely, given that there has been no formal notification from the Finance Ministry as yet. Remember that if you are a salaried individual and do not file your ITR by July 31st, you could face serious consequences, which include: <ul><li>In case your net annual taxable income is up to Rs 5,00,000, you will have to pay a fine of Rs 1,000 while filing your belated return. </li><li>If your net annual taxable income exceeds Rs 5,00,000, you will have to pay a fine of Rs 5,000.</li></ul>However, the biggest loss in case of filing belated ITR would be the inability to opt for old tax regime. All ITR filed belatedly, or after July 31st, will automatically be processed under the new regime. In case you have significant investments in ELSS, <keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword>, PPF under Section 80C, HRA exemptions, your tax liability could be significantly higher under the new tax regime, since it does not offer many exemptions and deductions generally available under the old regime. For businesses which require an audit before filing their ITR, 31st October 2024 is the last date to file ITR, sans any penalties. <h2>Filing revised/belated ITR </h2>The last date for filing a belated or revised ITR is 31st December. You can file a revised ITR in case: <ul><li>You have unintentionally missed out on reporting any significant income</li><li>You missed out on claiming tax-saving deductions in your initial ITR</li><li>You have opted for the wrong ITR form, and want to change it</li><li>You receive a notice from the IT department highlighting discrepancies in your original ITR</li></ul>Note that you don't have to pay any penalties while filing a revised ITR. And while not advisable, you can revise your ITR multiple times. Once a revised return is filed, the IT department considers it as your final ITR. You can also file an updated return within 2 years of the relevant assessment year (in this case 2023-24). This means that the last date to file your updated return for this cycle will be March 31st, 2027. But note that you cannot revise your updated returns i.e., it can be filed only once for any particular assessment year. Also, you will have to pay additional tax equal to 25% of the total of tax and interest payable, if you file the updated return before 12 months of the end of relevant assessment year. In case you file your updated return after more than 12 months, but less than 24 months from the relevant assessment year have passed, your additional tax payable would be 50% of the aggregate of tax and interest payable.

Important dates to remember while filing your ITR this time!

<ul><li>The income tax department has extended the deadline for both filing <keyword id="6355828" type="General" weightage="20" keywordseo="income-tax-returns" source="Orion">income tax returns</keyword> as well as tax audit reports.</li><li>This was followed by several requests to delay the deadline because of difficulties faced by the taxpayers due to the prevailing Coronavirus situation.</li><li>Check <a href="https://www.businessinsider.in/">Business Insider </a>for constant news and developments.</li></ul>The government has extended the deadline to file income tax returns for assessment year 2021-22 to March 15, 2022 from February 15, 2022. Note that this is for individuals whose books of accounts are required to be audited by a chartered accountant. Under the Income Tax Act, taxpayers are required to get their books of accounts audited if the sales, turnover or gross receipts of business exceed ₹10 crore, while in the case of professionals, the limit is over ₹50 lakh. The deadline to file tax audit reports has been extended to February 15, 2022 from January 15, 2022. This came after industry bodies, including the Institute of Chartered Accountants of India, and individuals made a request to extend the deadline. The income tax department tweeted about the extension. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div>The notification by the income tax department said that the deadline was extended considering difficulties faced by taxpayers due to COVID-19 in filing tax returns and electronic filing of various audit reports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/tata-group-to-replace-vivo-as-ipl-title-sponsors-from-this-year/articleshow/88831968.cms">Tata group to replace Vivo as IPL title sponsors from this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/check-out-the-new-set-of-restrictions-in-delhi-due-to-the-massive-surge-in-the-covid-19-cases/articleshow/88829541.cms">Delhi to go under stricter curbs amid steep rise in COVID-19 cases – Checkout the new restrictions announced by DDMA</a>

Due date for filing income tax returns extended to March 15, 2022 for individuals whose accounts are to be audited

The Indian government has extended the deadline <keyword id="3524735" type="PERSON" weightage="20" keywordseo="income-tax-return-filing">income tax return filing</keyword> has been extended from December 31 to January 10. The extension of the deadline is specifically for those individuals whose accounts do not require an audit and usually file their income tax returns using the ITR-1 or ITR-4 forms. <div type="twitter" handle="IncomeTaxIndia" handlename="Income Tax India" image="http://pbs.twimg.com/profile_images/662206045398237184/06GHxXSF_normal.jpg" favoritecount="3741" retweetcount="2072" status="In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19… https://t.co/sabAefM1qe" createdat="1609331632000" id="1344260412355665920"></div> This is the third time that the Income Tax Department that extended the deadline to file income tax returns this year. It was initially pushed forward from August 31 to November 30 this year on account of the COVID-19 pandemic. It was postponed again to December 31. The government has also extended other deadlines to file other tax returns for the year 2019-2020. New deadlines for filing tax returns: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Individual ITRs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 January 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax audit and other audits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15 January 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITR audit cases </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15 February 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivad se Vishwas scheme </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31 January 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GSTR-9/9C </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28 February 2021 </td></tr></tbody></table> According to the press release, over one crore ITR-4 applications have already been filed till December 29 — a marginal increase from 99.50 lakh who filed in August last year. The data shows that individuals filing for tax returns have slowed down so far this year but filings by businesses and trusts have increased.

Relief for taxpayers: Deadline to file income tax returns extended further to January 10

<ul><li>The deadline for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword> (<keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword>) in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> has been extended from July 31 to August 31.</li><li>This is the first time that there are penalties in play for filing a late ITR. </li><li>The extension of ITR deadlines is a repeated trend in India. </li></ul>It has, more or less, become a trend of the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> department to extend the deadline on filing income tax returns (ITR). This year the original deadline July 31 had been extended to August 31. <div type="twitter" handle="FinMinIndia" handlename="Ministry of Finance" image="http://pbs.twimg.com/profile_images/829993628365791232/uQ29BFxq_normal.jpg" favoritecount="2007" retweetcount="1094" status="Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Inc… https://t.co/CJcrf2anyp" createdat="1532607726000" id="1022457026163630080"></div>

 In the past, when such incidents took place, the government at least offered an explanation as to why. Just last year it was due to the fact that the PAN and Aadhaar cards hadn’t been linked yet. The year before that it was a strike followed by a holiday. In fact, in 2015, the deadline was extended twice.The first time it was due to the fact that forms had changed and the second time was due to the slowdown of e-services. There was some confusion over what the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> means by ‘said categories’ without specifying any categories whatsoever. But consensus dictates that the same categories of taxpayers that had to file their returns by July 31, will now be able to do so till August 31. Enforcing deadlines Until last year, there wasn’t any penalty issued for filing an ITR late but for 2018-19, there’s a new addition to the Income Tax Act. Section 234F states that in due dates are violated than an individual would have to pay a fine of up to Rs 10,000. That being said, if an individual’s income is less than Rs 500,000, if a late fine is incurred it won’t be anymore than Rs 1,000. <div type="image" title="ITR" msid="65165660" hostid="261"></div>

ITR filing deadline extended yet again

Taxpayers in India were required to file their income tax returns (<keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword>s) for the financial year 2021-2022 (assessment year or AY:2022-2023) by July 31, 2022. While there were a few extensions of the ITR filing deadline over the past few years due to Covid-19 pandemic, Revenue Secretary Tarun Bajaj said earlier in July that the government had no plans to extend the July 31 deadline. Throughout the month of July 2022, the Income Tax Department has been sending reminders urging the taxpayers to file their ITR before the deadline and not to wait till the last date to avoid the heavy rush on the ITR filing portal. The Income Tax Department’s Twitter account said on July 31, that till 1 pm on the day, 19,53,581 ITRs were filed – of which 4,67,902 were filed during the last one hour. As of July 30, over 5.10 crore ITRs were filed. More than 57.51 lakh ITRs were filed on July 30 alone. During each assessment year, the government gives a four-month window to the taxpayers to consolidate their income details for the given financial year before filing their ITR. This four-month period begins on April 1 and ends on July 31, provided there has not been any extension in the said year. ITR filing has now been simplified to such an extent that it takes only a few minutes to file, thanks to the features provided on the ITR filing portal. Not filing the ITR before the deadline will invite some fines, penalties and consequences, which we will discuss here. What are the penalties and fines for late filing of ITR? <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Sl. No. </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Due date </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing for persons and entities for which tax audit is not applicable </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">July 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing for persons and entities covered under tax audit (other than the cases in which transfer pricing is involved) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">October 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing for persons covered under transfer pricing </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">November 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Last date for filing revised ITR returns and late filing of ITR for FY 2021-22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">December 31, 2022 </td></tr></tbody></table> Since the government had no plans to extend the ITR filing deadline, late filing after the July 31 deadline in 2022 will attract a fine up to ₹5,000, if the filing is done before December 31, 2022. Section 234F of the Income Tax Act says that late filing of income tax returns after the due date of July 31 will invite a late fee of ₹5,000 if your annual income is above ₹5 lakh, provided you file your ITR by December 31 of the same assessment year. This late fee fine can go up to ₹10,000 if you file your ITR after December 31 but before March 31, 2023. Section 234F also says that individuals who have not filed their ITR before March 31 will be liable to a late fee of ₹1,000, if the income slab is below ₹5 lakh. The late fee remains unchanged even if the filing is made before December 31 of this year. Section 234A of the Income Tax Act says that if a person has not filed the ITR before the due date and if there is an outstanding tax to be paid, then the amount outstanding will be charged at 1% per month from the due date prescribed. If an individual with a taxable income has not filed the ITR or if the income is understated in the returns, he or she is liable to pay a fine of 50% of the total tax that is applicable on the income for which return was not furnished. Summary of Section 234F <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Sl. No. </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Late fee for filing up to July 31, 2022 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Late fee for filing from August 1, 2022 to December 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Persons whose total income is below ₹5,00,000 per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Persons whose total income is above ₹5,00,000 per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">₹5,000 </td></tr></tbody></table> What to do if you have not filed the ITR for the previous financial year? With a late fee, you can file your ITR for FY2021-22 (AY 2022-23) till March 31, 2023. If you have missed out <keyword id="3524456" type="General" weightage="20" keywordseo="filing-itr" source="Orion">filing ITR</keyword> within this deadline, you need to apply for condonation of delay and then file the ITR online. Condonation of delay can be applied for through the e-filing portal of the Income Tax Department. Follow the steps below to do this. <ul><li>Log in to your account on the IT e-filing website. </li><li>Scroll the mouse on the ‘Services’ tab and click on ‘Condonation Request’. </li><li>Select the option, ‘Allow ITR filing after time barred’. Click on the ‘Continue’ button. </li><li>On the next page, click on ‘Create Condonation Request’. </li><li>Fill in all the columns with the relevant details. After uploading the ITR, click on ‘Submit’. </li></ul>Once you have submitted the ITR successfully, choose the option, ‘e-verify’. Once the condonation request is approved, the ITR will be processed. You can also track the status of the condonation request you have sent. Alternatively, you may also find out who is your assessing officer to submit a condonation of delay request letter in person and then do the ITR filing online. Refund Filing ITR on time is essential if you want to claim an income tax refund from the IT department; if you have made foreign asset investments during the financial year; if you want to apply for a loan or visa; or if you are an entity making either profit or loss. Since late filing of ITR can invite a number of consequences you will want to avoid, it is necessary that you keep track of the ITR filing deadline year on year and file the ITR on time. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-fetch-1-5-lakh-crore-more-than-half-of-it-comes-from-reliance-jio/articleshow/93274946.cms">5G spectrum auctions fetch ₹1.5 lakh crore – more than half of it comes from Reliance Jio</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bengaluru-hyderabad-and-chennai-are-hiring-the-most-number-of-it-digital-skill-experts/articleshow/93273851.cms">Bengaluru, Hyderabad and Chennai hired the most number of IT digital skill experts</a>

Missed filing your tax returns? Here’s what you pay in late fee & penalties

<ul><li>The deadline for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword> has been extended to November 30 from July 31, 2020 while the documents for <keyword id="2012250" type="COMPANY" weightage="20" keywordseo="tax-saving-investments">tax saving investments</keyword> have to be submitted by June 30, 2020. </li><li>Those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar will have to do it by June 30 — failing which, they will be required to pay a penalty of ₹10,000. </li><li>The last date to file the income tax returns for the financial year 2018-19 is also June 30.</li></ul>In the last two months under lockdown, the government has imposed several relaxations to the tax filing process for the last financial year FY20. This includes income tax return filing (ITR), submission of tax saving documents, linking aadhaar to PAN and others. The ITR filing and tax saving exercise The deadline for filing income tax returns has been extended to November 30 from July 31, 2020 — giving the taxpayers more time to prepare and file their tax saving investments. That means, the taxpayers will have to file their TDS (tax Deduction at Source) certificate before June 30 to proceed with the income tax filing process. Usually, the TDS returns are to be filed by May 31 as per the income tax laws — after which the Form 16 is issued. However, this time the government had extended the deadlines for tax saving submissions due to the COVID crisis, adding that this should not be taken as an extension to the financial year. Form 16 Form 16 is issued by the employer after the taxpayer files their <keyword id="564055" type="PERSON" weightage="20" keywordseo="TDS-certificate">TDS certificate</keyword> for the given financial year. The deadline for the same has been extended to June 30. "The government has extended the date for filing TDS returns by the employer from May 31, 2020 to June 30, 2020 for the FY 2019-20. Similarly, the last date to issue Form 16 by the employer to employee has also been extended to June 30, 2020,” Saraswathi Kasturirangan, Partner, Deloitte India told ET. Linking Aadhaar to PAN Meanwhile, those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar will have to do it by June 30 — failing which, they will be required to pay a penalty of ₹10,000, according to the Income Tax Act. The PAN Card will be considered inoperative, if it is not linked to the Aadhaar Card. Earlier, the deadline to link the two documents was March 31. Revised ITR for FY 2018-19 Given the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic, the government extended the deadline for filing the ITRs for FY19 and FY20 both. While the last date to file income tax return for the last financial year is November 30, the revised ITRs for FY19 can be submitted by June 30.

June 30 is the deadline for tax saving investments and linking Aadhaar with PAN

New Delhi, The <keyword id="121964" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> dashed hopes of all <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword> waiting for <keyword id="10582574" type="UNKNOWN" weightage="20" keywordseo="further-extension">further extension</keyword> of due dates for filing <keyword id="382766" type="PERSON" weightage="20" keywordseo="tax-returns">tax returns</keyword> rejecting all representation in this regard, citing that the process cannot be delayed 'indefinitely' and hamper the functioning of the tax department and welfare programmes of the government. The decision means that individual taxpayers who have missed the January 10 deadline for <keyword id="6373441" type="UNKNOWN" weightage="20" keywordseo="filing-returns">filing returns</keyword> may now have to pay a penalty to complete the process. Similarly, taxpayers who need to file audit report before filing returns will have to do so by January 15 and file their returns by February 15. The income tax department had received several representations to further extend dates for filing returns as disruptions caused pandemic had continued to create problems for various taxpayers. The suggestion was to extend dates for all categories of taxpayers to March 31. In its office order directing all tax formation across the country to see the due dates for tax payment is followed as no further extensions were due, the CBDT cited that the contentions of lesser number of audit reports filed this year and thereby extension was required, as completely baseless. It said that even in previous years audit reports were filed in the last few days before the deadline and similar trends were seen even in 2020-21. The board also cited that India has been more generous compared to other global economies, particularly, Covid hit the US and UK, in providing relief to its taxpayers on compliance issues. Moreover, the statistics of returns filed this year clearly shows that the numbers are higher than last year already. In 2019-20, about 5.62 crore income tax returns were filed till due date and this year (2020-21) already 5.95 ITRs have been filed (up to January 10). Any further extension would adversely affect the return filing discipline and shall cause injustice to those who have taken pains to file the return before the due date, CBDT said in its order. It will also hamper the government's efforts to provide relief to the poor during Covid times, the office order said. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/radhakishan-damani-dmart-ready-takes-cautious-steps-against-jiomart-and-amazon/articleshow/80209971.cms">Pitted against JioMart, Amazon and others, Radhakishan Damani’s DMart has opted for “controlled acceleration” in e-commerce</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-cashes-in-another-cheque-from-swedish-billionaire-martin-hp-sderstrm-for-its-vacation-homes-business-in-europe/articleshow/80214916.cms">OYO cashes in another cheque from Swedish billionaire Martin HP Söderström for its vacation homes business in Europe</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-backup-and-restore-messages-in-signal-app/articleshow/80226649.cms">How to backup and restore messages in Signal app</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-says-your-privacy-wont-be-affected-if-you-dont-use-these-features/articleshow/80225748.cms">WhatsApp says your privacy won't be affected if you don't use these two optional features</a>

Pay penalty if you haven't yet filed IT returns, no more extensions now, says India's tax authority

In a major relief for <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword>, the Centre on Wednesday announced extension of the <keyword id="65922" type="ENTERTAINMENT" weightage="20" keywordseo="Due-date">due date</keyword> for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword> for assessment year 2019-20 by a couple of months to November 30, 2020. The decision has come in the wake of many taxpayers facing difficulty in filing their income tax returns due to the outbreak of <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. The last date for filing returns for AY 2019-20 was extended earlier till September 30, the third such extension during the pandemic. It has been further extended till November to provide more time to taxpayers. "On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated &amp; revised ITRs for Assessment Year 2019-20 from 30th September, 2020 to 30th November, 2020," <keyword id="2236838" type="COMPANY" weightage="20" keywordseo="The-Income-Tax-department">the Income Tax Department</keyword> said in a tweet. The government has already extended the date for filing income tax returns for AY 2020-21 to November 30. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms" data-type="tilCustomLink">Reliance Retail seals its third deal this month – General Atlantic to invest ₹3,675 crore</a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms" data-type="tilCustomLink">All eyes on September auto sales — Cars and tractor sales likely to remain healthy but commercial vehicles may feel the pain</a>

Centre extends deadline for IT returns filing for 2019-20 to November 30

<ul><li>The government has yet again deferred the deadlines for filing <keyword id="382766" type="PERSON" weightage="20" keywordseo="tax-returns">tax returns</keyword>, linking the <keyword id="6356006" type="UNKNOWN" weightage="20" keywordseo="Aadhaar-card">Aadhaar card</keyword> to the PANS (<keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent account Number</keyword>) and other compliances. </li><li>On Wednesday (June 24), <keyword id="2552407" type="COMPANY" weightage="20" keywordseo="The-Central-Board-of-Direct-Taxes">the Central Board of Direct Taxes</keyword> (CBDT) said that the final date for filing income tax returns for the 2018-19 fiscal has been extended by a month. </li><li>The taxpayers can now submit the revised ITRs by July 31, 2020. </li><li>Those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar can do it by March 31, 2021. </li></ul>Amid the uncertainty around the COVID crisis, the government has yet again deferred the deadlines for filing tax returns, linking the Aadhaar card to the PANS (Permanent account Number) and other compliances. <div type="twitter" handle="IncomeTaxIndia" handlename="Income Tax India" image="http://pbs.twimg.com/profile_images/662206045398237184/06GHxXSF_normal.jpg" favoritecount="1253" retweetcount="480" status="Major relief for taxpayers!CBDT issues Notification no S.O. 2033(E) dated 24th June, 2020 on Taxation &amp; Other Laws… https://t.co/4d21Kfoyk2" createdat="1593015647000" id="1275826214083555334"></div> On Wednesday (June 24), the Central Board of Direct Taxes (CBDT) said that the final date for filing income tax returns for the 2018-19 fiscal has been extended by a month. The taxpayers can now submit the revised ITRs by July 31, 2020. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Compliance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revised income tax filing FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 31, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income tax returns FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">November 30, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Linking PAN with Aadhaar Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 31, 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issuing TDS/TCS certificates </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 15, 2020 </td></tr></tbody></table> On the other hand, the board said that those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar can do it by March 31, 2021. Earlier, the deadline to link the two documents was June 30 — failing which, they will be required to pay a penalty of ₹10,000, according to the Income Tax Act. The PAN Card will be considered inoperative, if it is not linked to the Aadhaar Card. In March, the Finance Minister Nirmala Sitharaman had extended the last date for filing tax returns and submitting the tax saving documents. “Government extends various time limits under the direct tax, benami laws, providing further relief to taxpayers for making compliances under these laws. Time limits had earlier been extended by taxation and other laws ordinance on March 31, 2020, <keyword id="2236838" type="COMPANY" weightage="20" keywordseo="The-Income-Tax-department">the income tax department</keyword> said. The deadline for filing income tax returns for FY20 has been extended to November 30 from July 31, 2020 — giving the taxpayers more time to prepare and file their tax saving investments. That means, the taxpayers will have to file their TDS (tax Deduction at Source) certificate before July 31 now to proceed with the income tax filing process. Usually, the TDS returns are to be filed by May 31 as per the income tax laws — after which the Form 16 is issued. However, this time the government had extended the deadlines for tax saving submissions due to the COVID crisis, adding that this should not be taken as an extension to the financial year.

The new deadlines for tax saving investments, income tax returns, and linking PAN with Aadhaar

New Delhi, Jul 5 () Amid rising number of coronavirus cases, the tax department may have to come out with more measures and further extend the timelines to help the taxpayers comply with the statutory norms, according to experts. Although tax experts have welcomed the host of initiatives taken by the Finance Ministry to help the taxpayers in times of unprecedented crisis created by coronavirus pandemic, they feel that something more may have to be done till the normalcy returns. Among other measures, the Income Tax Department has extended various timelines to help the taxpayers remain on the right side of the law even during the times of pandemic and repeated extensions of lockdowns to prevent spread of coronavirus. Observing that major relief measures in terms of extension of timelines and interest waivers were undertaken by the government through an Ordinance on March 31, Gaurav Mohan, CEO AMRG &amp; Associates said, "Considering the current situation, more and more relief measures are needed for the taxpayers to keep the economy rolling which are being introduced with time". The coronavirus cases in the country have exceeded 6.5 lakhs and it may take months before the vaccine is developed or the normalcy is restored. Commenting on the government's decision extend the date of filing of income tax return in view of the pandemic, Naveen Wadhwa, DGM, Taxmann said, "The due date of furnishing return of income for all assessee for the financial year 2019-20 has been extended to November 30, 2020 in place of July 31 and October 31, 2020. Hence, all the assessee who are required to file ITR by July 31, 2020, or October 31, 2020 can file their return of income till November 30, 2020, without paying any late fee charges". Taxpayers will not have to pay any interest if the self-assessment tax liability remains within Rs 1 lakh and the return is filed within the due date of November 30. However, "if the self-assessment tax liability of a taxpayer exceeds Rs 1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates provided in the Income-tax Act," Wadhwa added. On the government's decision to extend the investment deadline to July 31 for claiming tax deduction for 2019-20, Kapil Rana, Founder Chairman, HostBooks Limited said, "This relief will help taxpayer to make their tax planning and reduce tax liability, who could not make their saving for the financial year 2019-20 due to this COVID-19 situation". The government had introduced a new schedule namely Schedule DI and had extended the due date for making investment in tax saving instruments for the financial year 2019-20 from March 31, 2020 to June 30, 2020. The date has been further extended to July 31, 2020. NKD CS BAL BAL

Govt may need to further extend tax return deadline if COVID cases continue to rise: Experts

<ul><li>PAN will not operate if not linked with Aadhaar by March 31, 2020. </li><li>The government says that more than 17 crore PANs across the country remain to be linked with Aadhaar. </li><li>The present deadline for linking PAN with Aadhaar is March 31, 2020 after which PAN will operate only when linked with Aadhaar. </li><li>Here we discuss why the government mandates linking PAN with Aadhaar and why the PAN will become inactive. </li></ul>In the 2017 budget, the union government made it mandatory to link every individual’s Aadhaar with PAN. Also while issuing a verdict that upheld the constitutional validity of Aadhaar in September 2018, the Supreme Court of India said Aadhaar cannot be made mandatory for opening a bank account or to get mobile connection. However, linking Aadhaar with PAN is mandatory. The apex court also said Aadhaar is mandatory for filing Income Tax Return (ITR). Earlier deadlines to link Aadhaar and PAN The Income Tax Department has said that PAN will go inactive if not linked with Aadhaar by March 31, 2020. The deadline to link Aadhaar with PAN was extended quite a few times during last year. Earlier, the deadline to link Aadhaar with PAN was September 30, 2019. In a notification issued on September 28, 2019, the government extended this deadline to December 31, 2019. Subsequently, the deadline was further pushed to March 31, 2020. These extensions come as a relief to those who have not still linked their Aadhaar with PAN. What the CBDT says Issuing a statement connected to linking Aadhaar with PAN, the Central Board of Direct Taxes (CBDT) said, “Whether a person, who has been allotted the permanent account number as on July 1, 2017 and is required to intimate his Aadhaar number under sub-section (2) of Section 139AA, has failed to intimate the same on or before March 31, 2020, the permanent account number of such person shall become inoperative immediately after the said date for the purpose of furnishing, intimating or quoting under the Act”. Also through a notification, the CBDT has amended the Income Tax Rules and has inserted Rule 114AAA, which detailed the “manner of making permanent account number inoperative”. What are implications of PAN becoming inactive Section 133 AA (2) of the Income Tax Act states that every individual having PAN as on July 2017 and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities. The notification has also mentioned that individuals, whose PANs will become inactive will be held liable for all the consequences under the IT Act for not furnishing, intimating or quoting the permanent account number. If the Aadhaar is linked with the PAN on a later date after the deadline, the PAN will turn active from the date of intimating the Aadhaar number to the department. <a href="https://www.businessinsider.in/how-to-link-aadhaar-card-with-pan/articleshow/71343299.cms">How to link Aadhaar with PAN</a> If you are already filing ITR (Income Tax Return), it is most likely that your Aadhaar is already linked with PAN. To link your Aadhaar with PAN, you can either send an SMS or do it through the e-filing website or by manually filling up a form designated for this purpose and made available at the PAN service center.

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