ITR submitting time limit: Don’t omit December 31, 2024 time limit for revised, belated tax returns – listed below are the results – Occasions of India
ITR submitting time limit: December 31, 2024, marks the overall time limit for filing belated and revised source of revenue tax returns for FY 2023-24 (AY 2024-25). While more than a few taxpayer classes have distinct ITR submitting time limits, the overall date for belated and revised returns stays the similar. Many people stay ignorant of the consequences of lacking the December 31, 2024, submission time limit for FY 2023-24.
ITR submitting: What are the results of lacking the belated go back submitting time limit on December 31, 2024?
If one fails to put up a belated go back by means of December 31, 2024, explicit penalties practice.
Underneath Segment 139(4) of the Source of revenue Tax Act, belated returns incur a Rs 5,000 penalty, irrespective of remarkable tax quantities. A discounted penalty of Rs 1,000 applies for decrease taxable source of revenue. On the other hand, people with source of revenue under the Rs 3 lakh fundamental exemption prohibit face no consequences.
Kinjal Bhuta, Secretary of Bombay Chartered Accountants’ Society, informed ET, “Belated go back is the final likelihood for the taxpayer to document the ITR and declare refunds and likely losses. If the belated go back isn’t filed, the individual misses the ones claims and credit for that evaluation yr. After the expiry of the submitting of the belated go back, handiest an up to date go back can also be filed matter to the situation that there’s a tax legal responsibility payable. Additional, if no belated go back is filed, the taxpayer shall have to stand larger pursuits and consequences at the tax liabilities if a realize is distributed by means of the source of revenue tax division.”
A vital limitation of submitting belated returns for FY 2023-24 is the lack to make a choice the outdated tax regime, as the brand new regime changed into default from April 1, 2023. As a result, belated returns should apply the new tax regime.
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The outdated tax regime introduced more than a few deductions and exemptions unavailable within the new tax regime. Those provisions helped cut back taxable source of revenue and next tax tasks.
The brand new regime lets in handiest two deductions: a regular deduction of Rs 50,000 for FY 2023-24 (AY 2024-25) and employer NPS contributions as much as 10% of fundamental wage. Further advantages like Segment 80C, 80D, and HRA exemptions aren’t acceptable below the brand new construction.
ITR submitting: What for those who omit the revised go back submitting December 31, 2024 time limit?
When a taxpayer must rectify mistakes in unique or belated returns, they should put up a revised go back. This permits corrections of more than a few oversights, akin to unreported source of revenue, unclaimed deductions, or neglected checking account main points.
Bhuta says, “If the taxpayer misses the time limit to document a revised go back, there’s no different mechanism to document a revised go back once more for that evaluation yr and to assert refunds or losses. The source of revenue tax rules permit the submitting of an up to date go back. On the other hand, the up to date go back can’t be filed in instances the place the taxpayer has losses, it ends up in an larger refund, or the tax go back has an impact of lowering the full tax legal responsibility as filed within the unique or belated go back. There are lots of different standards as to when an up to date go back can’t be filed. So, if a taxpayer misses the revised go back time limit, the one approach wherein any further declare or credit score can also be asked is right through the evaluation complaints. On the other hand, this is matter to litigation.”
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While taxpayers can put up more than one revised returns, tax mavens advise in opposition to common revisions as this may cause scrutiny from the Source of revenue Tax Division.
Relating to intimation notices, Bhuta explains, “As in step with phase 139(5) of the Source of revenue Tax Act, 1961, ITR can also be revised handiest earlier than 3 months earlier than the top of the related evaluation yr or earlier than the finishing touch of evaluation, whichever tournament occurs first. The ITR can also be revised even after an intimation has been won below phase 143(1). On the other hand, as soon as the ITR is processed below an ordinary scrutiny evaluation below phase 143(3), the similar can’t be revised.”
For the monetary yr 2023-24 (AY 2024-25), taxpayers have till December 31, 2024, to put up their revised returns.
