Fast Learn: What Occurs If You Fail to File ITR On Time | BankBazaar

For those who missed the July 31st deadline for revenue tax return submitting, right here’s what you could know. Lengthy story quick – you snooze, you lose.

The deadline for submitting your revenue tax return for the evaluation 12 months 2022-23 was July 31st, 2022. In case you have been hoping for an extension, the federal government reiterated that there could be no extension this time round. So, in essence, you snooze, you lose. Missed it and questioning what now?

Many organisations, together with banks and insurance coverage corporations which might be issuing loans or life insurance coverage insurance policies, would use your revenue tax returns as proof of revenue.

When making use of for a visa to journey overseas, consulates of many international nations would ask on your tax receipts as proof that you’ve got a professional supply of revenue in your house nation.

Submitting your return on time additionally means you’re eligible for revenue tax refunds.

Keep in mind that submitting your revenue tax return is vital when you pay TDS (tax deducted at supply) in your revenue, even in case you are below the Rs. 2.5 lakh threshold of annual revenue.

Extra Studying: 5 Advantages of Submitting Revenue Tax Returns

In case you missed the July 31st deadline to file your revenue tax return, you continue to have time till December 31st this 12 months to file your return. Nevertheless, bear in mind that you’ll want to pay a late payment.

You would want to pay a late payment of Rs. 1,000 in case your annual revenue is as much as Rs. 5 lakhs. In case your annual revenue is over Rs. 5 lakhs, you would want to cough up a late payment of Rs. 5,000. Additionally, you will should pay curiosity on the late fee of taxes.

Notice that you’ll not should pay a fantastic for late submitting of revenue tax returns in case your gross revenue is lower than the essential exemption restrict.

Within the occasion that you simply miss the December 31st, 2022 deadline for late submitting too, please do not forget that you won’t be able to file your revenue tax return voluntarily for the 2022-23 evaluation 12 months. In such a case, you may be notified by the Revenue Tax Division in regards to the subsequent steps you’d must take. Gulp! We do hope it doesn’t come to that!

Extra Studying: Residence Mortgage Tax Advantages

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