New Delhi: Taxpayers that have not submitted their Income Tax Return (ITR) for the fiscal year 2023-24 should act rapidly. Today, January 15, is the target date to send late or modified returns for the evaluation year 2024-25. The Central Board of Direct Taxes (CBDT) expanded the initial target date of December 31, 2024, by 15 days to provide taxpayers added time to finish their filings.
The expansion relates to both belated returns which are submitted after the initial target date and changed returns which permit taxpayers to fix blunders in formerly submitted returns. However, to submit a modified return, taxpayers should have sent their initial ITR by the initial due day of July 31, 2024.
Main Differences Between Revised and Belated ITR:
A changed ITR can just be submitted if the initial return was sent on or prior to the target date (July 31, 2024, for FY 2023-24). It permits taxpayers to make improvements or updates to their initial declaring. On the various other hand, a belated ITR is submitted when a taxpayer misses out on the initial target date and undergoes late charges and fines.
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Penalty forFiling a Belated Income Tax Return:
Filing a belated Income Tax Return features a charge of approximatelyRs 5,000.However, if your overall revenue is much less than Rs 5 lakh, the charge is decreased to an optimum of Rs 1,000.
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.(* )submit your belated or changed return, just check out the
To’s e-filing site at www.incometax.gov.in and comply with the very easy detailed guidelines. Income Tax Department early not just assists you prevent fines however additionally guarantees you do not lose out on essential tax obligation advantages.Filing you stop working to submit your ITR by tomorrow, you might shed the possibility to submit or modify your return for AY 2024-25.
If enhancement, you might get notifications from the In and face extra fines for the hold-up.Income Tax Department
