Taxpayers who have not been able to file ITR till 31st July. Those people can file income tax return till 31 December. However, he will have to pay the fine.
ITR File Mistakes: The last date for filing income tax was July 31. Now the penalty has to be paid for filing ITR. But during this time, due to some mistakes, the notice of the Income Tax Department may come and the fine may also have to be paid. Also, refund can also get stuck. How to avoid these problems, we are going to tell you about these measures.
What to do to avoid fine?
- Taxpayers are required to mention the correct form while filing ITR. Choose the right ITR form based on your income source and category. Otherwise notice can also be received later.
- If you have filed your ITR, verify ITR immediately using Aadhaar OTP, banking and other methods. And make sure you get the receipt.
- Respond immediately to any notice received from the Income Tax Department. Ignoring the notice may cost you dearly.
- Consult a chartered accountant or tax professional for proper tax calculation and compliance with tax laws.
- Keep records of all financial transactions including expenses, investments and deductions claimed to avoid post-filing of ITR.
- It is necessary to claim deductions and exemptions accurately to avoid penalty. Later fines may have to be paid.
- Keep yourself updated with the information related to income tax return even after filing ITR.
Will be able to file ITR till 31 December
Those taxpayers who have not been able to file income tax return till 31st July can file ITR with fine till 31st December. Salaried employees whose income is Rs 5 lakh per year will have to pay a penalty of Rs 5,000. On the other hand, those whose income is less than 5 years, they will have to pay a fine of 1000 rupees.
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