Income Tax Filing Important News! Now You will have to pay this much amount as late fees

As the deadline for filing income tax returns for the financial year 2022-23 and assessment year 2023-24 concludes today, the Income Tax Department has issued a crucial alert for taxpayers. The official handle of the department stressed the importance of filing Income Tax Returns (ITR) with late fees by December 31, 2023. Taxpayers have been urged to seize this final opportunity to complete the ITR filing for the assessment year 2023-24.

Highlights from the Income Tax Department’s Alert:

1. The Income Tax Department has identified numerous taxpayers engaged in significant financial transactions who have yet to file their ITR. SMS alerts have been sent to notify these individuals.
2. Taxpayers who have received messages from the Income Tax Department are advised to promptly file their ITR with late fees by the end of the day.

Consequences of Not Filing ITR:

The initial deadline for filing ITR without penalties was July 31. However, for those who missed this deadline, the option to file with late fees is available until December 31. A penalty of up to Rs 5,000 can be levied, with a note that an annual income below Rs 5 lakh incurs a penalty of Rs 1,000, while incomes exceeding Rs 5 lakh attract a late fee of Rs 5,000.

Record-Breaking ITR Filings:

The Income Tax Department recently announced that more than 8 crore taxpayers have successfully filed ITR for the assessment year 2023-24. This marks a historic achievement, with a total of 7,51,60,817 taxpayers submitting their returns. The department expressed gratitude to the taxpayers for their compliance.

Steps to File Belated ITR:

1. Visit the e-filing portal of the Income Tax Department.
2. Select “Income Tax Return” and the relevant financial year.
3. Opt for “New Filing” and choose “Individual.”
4. Open ITR Form-1 for individuals and proceed to validation.
5. Pay the applicable penalty based on your income.
6. Verify the filed ITR within one month.