The last date for filing income tax return for the financial year 2022-23 is near. Taxpayers will have to file ITR by July 31, because the government has made it clear that this deadline will not be extended. In such a situation, if you also file ITR regularly, then finish this work before 31st.
However, you can file ITR even after 31st July 2023 but you will have to pay a big price for it. The option of delayed filing of income tax return is available till 31 December 2023. However, if you file ITR with delay, you will have to pay a penalty. (Image: News18)
If your income is more than Rs 5 lakh and you do not file ITR by 31st July then as per section 234F, you will have to pay a late fee of Rs 5,000. However, if the total income of a taxpayer is up to Rs 5 lakh, the late fee will be limited to Rs 1,000. (Image: News18)
On the other hand, if you file ITR after December 31, 2023, you may have to pay a fine of up to Rs 10,000. Apart from this, non-filing of ITR by 31st July will attract 1% interest per month till the filing of return under section 234A.
While filing returns, people should take special care to avoid giving wrong information while filling ITR, as there can be a penalty of 50 per cent for reporting less income or 200 per cent for giving wrong information related to income. Keep in mind that this penalty will be imposed on the total taxable income.
If any person willfully fails to file the return even after receiving the notice of the Income Tax Department, then the Income Tax Department can initiate legal action against such people. In such cases, along with fine, there can be a punishment of 3 months to 2 years. If the amount of tax owed to the Income Tax Department is more than Rs 25,00,000, then the punishment can extend up to 7 years.
