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Last Chance”: Tax Department Urges Belated ITR Filing by December 31

Tax Department Guides Taxpayers, Shares Website Link for Comprehensive Income Tax Filing Information.

By: Team Pardaphash  Pardaphash Group
Last Chance”: Tax Department Urges Belated ITR Filing by December 31

New Delhi : In a stern warning, the Income Tax Department has alerted taxpayers who missed the initial July 31 deadline for filing their income tax return (ITR) for the financial year 2022-23. The department emphasized that this is the “last chance” for individuals to submit their belated or revised ITR by December 31, 2023, and avoid potential adverse consequences.

Department Clarifies Distinction Between Revised and Belated ITRs

The Income Tax Department’s social media post on platform X outlined the urgency, stating, “Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date.” The post also directed users to the department’s website for comprehensive filing information.

Mandatory Filing and Conditions for Income Tax Payers

The Income Tax Department has mandated the filing of income tax returns for every individual from the assessment year 2020-21. The announcement also specified three conditions necessitating income tax payment, including substantial deposits in current accounts, significant foreign travel expenditures, and considerable electricity bill payments.

Consequences of Non-Compliance and Penalties

Failure to file the income tax return within the specified timeframe may lead to adverse consequences. Taxpayers may face penalties, loss of carry-forward benefits, and ineligibility for exemptions and deductions. Section 234F imposes a penalty, and interest under Section 234A may be levied on pending income tax payments.

Verification Crucial Within 30 Days

The Income Tax Department underscores the importance of verifying the filed ITR within 30 days to ensure processing. Unverified ITRs will be considered as not filed, adding an additional layer of urgency for taxpayers.

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