These people still have a chance to file income tax return, correct their mistake by paying late fees.

Income Tax: Those who delay in submitting income tax returns must be cautious. They have their final chance until thirty first December. In the meantime, they need to file the income tax return with a late price of Rs 5,000, in any other case they’ll have to repent. You might also have to go to jail. The quantity of positive might also enhance after December 31. Some different problems might also have to be confronted. Belated return as outlined underneath part 139(4) applies to any income tax return not filed inside the authentic deadline underneath part 139(1).

The authentic deadline was solely until thirty first July

The deadline for submitting Income Tax Return (ITR) for the monetary yr 2023-24 (evaluation yr 2024-25) was solely until 31 July. Taxpayers who miss this deadline have time until December 31 to file belated returns. According to Section 234F of the Income Tax Act, now a late price of 5 thousand rupees will have to be paid on submitting. If you fail even after this, different problems will enhance.

What will occur should you miss until thirty first December

The positive for people who don’t file income tax returns by December 31 will enhance to Rs 10,000 on annual income greater than Rs 5 lakh. Apart from this, one might also have to face authorized motion and monetary losses in future, together with restricted skill to carry ahead some losses. The Income Tax Department has additionally given the deadline for giving details about any overseas property or earnings until thirty first December. Till then, if you don’t give this data to the Income Tax Department, then authorized motion could be taken towards you. For hiding data, a positive of up to Rs 10 lakh could have to be paid. Not solely this, in some circumstances jail can be imposed.

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