look news india
There is good news for income tax payers as the date for filing returns has been extended. The last date for filing revised returns for assessment year 2024-25 (i.e. FY 2023-24) was earlier December 31. It has been extended for about two weeks. , In such a situation, many people will be saved from paying a fine of up to Rs 5000.
Last date to file billed income tax return is January 15, 2025
There is good news for those millions of taxpayers in the country who have not filed the revised ITR or have not paid the ITR bill by December 31. Now such income taxpayers will be able to file their ITR till January 15. Assessment year 2024-25 (i.e. FY 2023-) 24) Earlier, the last date for filing revised returns was 31 December. In a post on Twitter, the Income Tax Department said that the Central Board of Direct Taxes has extended the last date for filing bill/revised income tax return for assessment year 2024-25 from December 31, 2024, to January 15, 2025.
How much is the fine?
Late fees for late filing of returns depend on the annual income of the individual. The government will charge Rs 5 lakh, however, if the income is Rs. 5 lakh, the tax department will charge Rs. A fine of Rs 1,000 is imposed. Apart from the penalty, the taxpayer will also have to pay penalty interest on the outstanding tax amount. In case of ITR fields after July 31, you will be charged penalty interest at the rate of 1 percent per month.
Loss to taxpayers due to old tax system
A major disadvantage for taxpayers under the old tax regime is that they will now have to file ITR under the new tax regime giving up all the deductions and exemption benefits of the old regime. There will be a tax of 0.5 per cent per month on the refund amount from April 1 till the date of refund. Interest will be charged at this rate. However, in case the return is delayed, this interest will be calculated from the date of filing of ITR. Is
how to file bill itr
Log in to your account on the e-filing portal, then click on ‘e-File’ and select ‘Income Tax Return’ and select ‘File Income Tax Return’. Select the year 2024-25 in the assessment year. Select ‘Online’ filing mode. Click on the ‘Start New Filing’ button. After this select the ITR form and go to the ‘Personal Details’ section and check if all your details are correct. Go to the filing section and select 139(4). Then fill your income details and proceed for tax payment.