ITR filing FY 2020-21: Missed December 31 deadline? Here’s what you need to do now
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Income Tax Return Filing 2023-24: The last date for filing the Income Tax Return or ITR for FY 2022-23 was July 31, 2023. Have you missed out on filing your ITR or do you want to file a revised tax return? What is the penalty for filing a late or belated Income Tax Return and what is the interest payout in case of a tax liability? In this week’s episode of TOI Wallet Talks, Parizad Sirwalla, Partner & Head, Global Mobility Services, Tax, KPMG in India discusses all these scenarios in detail and
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You can file a belated return Any person who has not furnished a return within the time allowed to him under section 139(1) must furnish the return for any previous year at any time 1. Before three months prior to the end of relevant assessment year or 2. Before the completion of assessment whichever is earlier If the total income of the person does not exceed 5 L lakhs, the fees (penalty) payable shall not exceed 1,000. Here is why you must and you should file ITR anyways! Loan: almost all the
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ITR filing: Check disadvantages of a belated income tax return
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