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TMI BlogThe Income Tax Department has reminded taxpayers to file their income tax return by December 31, 2023, or face penaltiesX X X X Extracts X X X X X X X X Extracts X X X X ..... The Income Tax Department has reminded taxpayers to file their income tax return by December 31, 2023, or face penalties - By: - AshaKanta Sharma - Income Tax - Dated:- 1-1-2024 - The Income Tax Department has reminded taxpayers who missed the July 31 deadline to file their income tax return (ITR) for the financial year 2022-23 by December 31, 2023. The department posted on social media platform ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... X, stating that the deadline is the last chance to file a belated/revised ITR for AY 2023-2024. After filing any ITR, it must be verified within the next 30 days or the department will not process it. If taxpayers miss the December 31 deadline for belated ITRs, they can file updated ITRs, as the Finance Act of 2022 introduced updated returns to give more time to file income returns. Each pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing day beyond the initial deadline accrues additional costs, with interest mounting at a rate of 1% per month or part thereof for late filings. Beyond interest, late filing penalties are imposed under section 234F , with penalties for individuals with taxable incomes over ₹5 lakh at ₹5000 and those below at ₹1000. For incomes less than ₹2.5 lakh, no penalty is levied. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Income Tax Department has notified ITR forms 1 and 4 , which are filed by individuals and entities with annual total income of up to ₹50 lakh, for the assessment year 2024-25. - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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