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Home Bank Fast Learn: What Occurs If You Fail to File ITR On Time...

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

Should you missed the July 31st deadline for revenue tax return submitting, right here’s what you want to know. Lengthy story brief – you snooze, you lose.

The deadline for submitting your revenue tax return for the evaluation yr 2022-23 was July 31st, 2022. In case you had been hoping for an extension, the federal government reiterated that there can 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 firms 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 international locations would ask on your tax receipts as proof that you’ve a respectable supply of revenue in your house nation.

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

Do not forget that submitting your revenue tax return is necessary in case 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 yr to file your return. Nevertheless, bear in mind that you will want to pay a late charge.

You would want to pay a late charge 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 charge of Rs. 5,000. Additionally, you will should pay curiosity on the late fee of taxes.

Be aware that you’ll not should pay a superb 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 keep in mind that you won’t be able to file your revenue tax return voluntarily for the 2022-23 evaluation yr. In such a case, you’ll be notified by the Revenue Tax Division in regards to the subsequent steps you’d have to take. Gulp! We do hope it doesn’t come to that!

Extra Studying: House Mortgage Tax Advantages

Trying to save on taxes? A House Mortgage might assist. Examine your eligibility by clicking the button under. With minimal documentation and a easy, hassle-free course of, there’s no excuse to keep away from clicking the button under!

 

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