ITR Filing: Online ITR Form Released, ₹ 5000 Fine Applicable for Late Filings, Check Last Date

ITR Filings: E-file your Income Tax Return (ITR) online for the assessment year 2023-24! The Income Tax Department has announced that taxpayers can now access and fill out the ITR-1 form and ITR-4 form on the internet. Previously, these forms were only available offline, but now they can be conveniently accessed online.

To simplify the process for taxpayers, the Income Tax Department has introduced pre-filled information in the forms, reducing the burden of manual entry. This will save time and make it easier for individuals, particularly salaried employees and individual taxpayers, to complete their tax returns.

Remember, the deadline for filing ITR without incurring any penalties is 31st July 2023. It’s important to submit your ITR before this date to avoid any fines.

Important Dates for Filing ITR (Income Tax Return) for Different Taxpayer Categories:

  • For individual taxpayers, Hindu Undivided Family (HUF), Association of Persons (AOP), or Body of Individuals (BOI) whose accounts are not audited, the last date for filing returns is 31st July 2023.
  • For businesses requiring audit of accounts, the last date for filing ITR is 31st October 2023.
  • For businesses involved in international transactions or specific domestic transactions, the last date for filing ITR is 30th November 2023.
  • The last date for filing revised ITR and belated returns is 31st December 2023.

Consequences of Late ITR Filing:

Interest: If you file your return after the deadline, you will be liable to pay interest at a rate of 1% per month on the outstanding tax amount, as per section 234A of the Income Tax Act.

Late Fee: A fine of Rs 5,000 is applicable under section 234F. However, if the total income is less than Rs 5 lakh, the late fee is reduced to Rs 1,000.

Loss Adjustment: If you have incurred losses in the stock market, mutual funds, properties, or any other business, you can carry them forward and adjust them against your future income. This significantly helps in reducing your tax liability. Loss adjustment is only allowed if you declare the loss in your ITR and file it with the Income Tax Department before the due date.

Belated Return: Filing the ITR form after the due date is termed as a belated return. In belated returns, taxpayers are subject to penalties and interest, but they are not permitted to carry forward losses for adjustment in future years. For the current year, you can file a belated ITR until 31st December 2023.

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