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

In the event you missed the July 31st deadline for revenue tax return submitting, right here’s what you could 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 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 firms which are 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 overseas nations would ask to your tax receipts as proof that you’ve got a authentic 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 vital when you pay TDS (tax deducted at supply) in your revenue, even in case you are beneath the Rs. 2.5 lakh threshold of annual revenue.

Further Studying: 5 Advantages of Submitting Earnings 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, keep in mind that you’ll want to pay a late payment.

You would wish 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 wish to cough up a late payment of Rs. 5,000. Additionally, you will should pay curiosity on the late cost of taxes.

Be aware that you’ll not should pay a high quality 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 Earnings Tax Division in regards to the subsequent steps you’d must take. Gulp! We do hope it doesn’t come to that!

Further Studying: House Mortgage Tax Advantages

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


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