ITR Filing 2023 All taxpayers of the country have to file returns by 31 July 2023. So far, more than 3 crore taxpayers have filed returns in the country. Out of this, more than 2 crore returns have also been verified. How much penalty do you have to pay if you have not filed the return within the right time? Let’s know in detail.
New Delhi: All taxpayers in the country can file returns by 31 July 2023. It is very important to file the return before this date. If you earn more than Rs 2.5 lakh in a year, then you should file a return.
If you are thinking that the date of return file will be extended, then let us tell you that the government has clearly said that the date of return will not be extended further. All taxpayers should file returns by 31st July. If you do not file the return by July 31, 2023, then you will have to pay late fees later.
How long can you file returns after 31st July?
If any taxpayer does not file the return by 31 July 2023, then he has a second chance. Any taxpayer who has not filed the return till 31st July can file the return till 31st December 2023. If your income is up to Rs 5 lakh in a year, then you will have to pay a fine of Rs 1,000. On the other hand, whose annual income is more than Rs 5 lakh, then you will have to pay a fine of Rs 5,000 under Income Tax Act 234F.
You may have to pay a fine of Rs 10,000
If you file the return after December 31, 2023, then you will have to pay a fine of Rs 10,000. With this, if you do not file the return by 31 July 2023, then under 234A of the Income Tax Act, till the time you file ITR, you will have to pay 1% interest till that month.
Avoid giving false information
You should take special care of all the things while filing the return. If you hide any information from the Income Tax Department, then it may cost you dearly. If you never tell any information wrong, then you will have to pay a penalty of up to 200 percent.
If any taxpayers do not file returns intentionally, then in such a situation the Income Tax Department can issue a notice. Along with this, they can also raid.
