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

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

The deadline for submitting your earnings 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 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 can be issuing loans or life insurance coverage insurance policies, would use your earnings tax returns as proof of earnings.

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

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

Keep in mind that submitting your earnings tax return is essential for those who pay TDS (tax deducted at supply) in your earnings, even in case you are underneath the Rs. 2.5 lakh threshold of annual earnings.

Further Studying: 5 Advantages of Submitting Earnings Tax Returns

In case you missed the July 31st deadline to file your earnings tax return, you continue to have time till December 31st this yr 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 earnings is as much as Rs. 5 lakhs. In case your annual earnings is over Rs. 5 lakhs, you would want to cough up a late payment of Rs. 5,000. Additionally, you will must pay curiosity on the late cost of taxes.

Word that you’ll not must pay a positive for late submitting of earnings tax returns in case your gross earnings is lower than the fundamental exemption restrict.

Within the occasion that you just miss the December 31st, 2022 deadline for late submitting too, please do not forget that you won’t be able to file your earnings tax return voluntarily for the 2022-23 evaluation yr. In such a case, you can be notified by the Earnings Tax Division concerning the subsequent steps you’d have to take. Gulp! We do hope it doesn’t come to that!

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