The Income Tax Department has urged taxpayers to file an Income Tax Return (ITR) for the 2023-24 assessment year by July 31, 2023 as this is the deadline to file an ITR without incurring any fees or any late penalty.
The Income Tax Department mentions: “July 31, 2023 –
Returns income for the 2023-24 audit year to all assessees who are not (a) corporate auditees or (b) non-corporate auditees (whose accounting records are (c) the partner of a company whose account is required to be audited, or the partner’s spouse if the provisions of section 5A apply, or (d) the auditee are required to provide a report under section 92E.”
Many people are rushing to submit the ITR before the deadline, but it will not be possible because there are many unpredictable natural disasters in many parts of the country such as heavy rain, floods.
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Here are some statistics on Income Tax Returns filed.
5.83 billion VND #ITR filed until 1pm today (July 30) surpassing the number of ITRs filed until July 31 of last year.
We have seen over 460,000 successful logins as of 1pm today and…
— Indian Income Tax (@IncomeTaxIndia)
July 30, 2023
Can the tax return date be extended?
The Income Tax Department has not yet made any official announcement regarding the extension of the ITR filing deadline. According to the organization’s Twitter, the deadline is still from July 31 until 6:30 p.m. IST and they consistently encourage taxpayers to complete their tax returns ahead of time.
Time is running out. Only 2 days left to apply #ITR#FileNow if you have not filed a return for AY 2023-24.
Your ITR submission deadline is July 31, 2023.
Please visit https://t.co/GYvO3mStKf#ITD pic.twitter.com/cpJCFPHHru
— Indian Income Tax (@IncomeTaxIndia)
July 30, 2023
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A new milestone!
So far, more than 6 crore ITR has been filed (July 30), of which about 26,76 lakh ITR has been filed from today until 6:30 pm!
We have seen over 1.30 crore successfully logged in on the e-filing portal until 6:30pm today.
ARRIVE… pic.twitter.com/VFkgYezpDH
— Indian Income Tax (@IncomeTaxIndia)
July 30, 2023
Many are still expecting extended deadlines due to ongoing flooding in some parts of the country as one of the main reasons.
The government has yet to respond to these requests, but an extension of the ITR submission may be approved. The government has extended the ITR application deadline several times in the past, often due to natural disasters or other unforeseen circumstances.
If you are unable to file an ITR by the July 31 deadline, you should keep an eye on government announcements. If extended, you will be able to file the ITR before the new deadline.
What happens if you miss the ITR application deadline?
The Income Tax Department has set a deadline for filing an Income Tax Return (ITR) for each financial year. If the deadline is exceeded, you may have to witness the following penalties from the department:
Late payment fee: Taxpayers must pay late payment fee. The amount of this fee depends on the amount of time after your ITR submission deadline. The amount is 1000 rupees if the taxpayer has an income of less than 50,000 rupees.
The Income Tax Department mentions: “234F. Fees for non-return of income.—(1) Without prejudice to the provisions of this Act, when a person is required to return income under section 139, fails to do so within the time specified in subsection (1) of the foregoing, he shall pay, by fee, an amount of—
- five thousand rupees, if the declaration is filed on or before December 31 of the audit year;
- ten thousand rupees in all other cases:
Provided that if the person’s gross income does not exceed Rs 50,000, the fee payable under this section shall not exceed Rs 1,000.
(2) The provisions of this section shall apply to the return of income required to be provided for the year of assessment commencing on or after April 1, 2018.
Interest: If you do not file your return by the due date, the Income Tax Department will charge 1% interest per month on that amount.
The Income Tax Department states: “Where a return of earnings for any evaluation year under subsection (1) or subsection (4) of section 139, or in response to a notice pursuant to subsection (1) of section 142, is provided after the specified period. date, or not provided, the assessee will be liable to pay simple interest at 67[one] percent for each month or part of a month for the period beginning on the day immediately following the due date.”
Best Judgment Review: If a taxpayer misses their ITR filing deadline and they don’t apply for an extension, their ITR can be processed under the “best judgment review” program.
Under this plan, the department would calculate income based on information already available.
Here’s what the Income Tax Department says: “This is an audit done to the best of the Assessor on the basis of all relevant documents he has gathered. This assessment is made in the event that the taxpayer fails to fulfill the requirements set out in section 144.”
“Scope of assessment according to section 144”
According to section 144, Auditors are obligated to evaluate
Your best judgment in the following cases:-
If the taxpayer fails to file the required return within the time limit specified in
section 139(1) or late tax return under section 139(4) or amended tax return under
section 139(5), or an updated tax return under section 139(8A).
If the taxpayer fails to comply with all provisions of the notice given under section
142(1),” The ministry added.
In summary, the Income Tax Department may extend the application deadline so it is important to keep an eye on official announcements. However, it is best to file an Income Tax Return on or before the due date to avoid any penalties/fees.
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Source: pagasa.edu.vn