ITR Filing Deadline: If your income is more than the basic exemption limit, then it is necessary for you to file income tax return. You can use either the new or old regime of income tax
ITR Filing Deadline: The new financial year has started from April 1. The process of filing income tax return will start soon. Before filing the return, you need to know some things. This will prevent you from facing any problem later. If your income is more than the basic exemption limit, then it is necessary for you to file income tax return. You can use either the new or old regime of income tax. Individual taxpayers can change their regime while filing income tax return.
You can change the regime while filing the return
If you are employed and you had informed your employer last year that you would use the old regime of income tax, then you can change your regime while filing the return. The Income Tax Department allows individual taxpayers to change the Income Tax Regime once in a financial year. If you feel that using the new Income Tax regime will save your taxes, then you can change the regime at the time of return filing.
Form 16 is necessary to file returns
The Income Tax Department usually issues ITR forms and uploads utilities at the end of April. After this, the way is open for taxpayers to file returns. But, it has to be kept in mind that employed people will be able to file returns only when Form 16 comes into their hands. It is mandatory for companies to issue Form 16 to their employees by June 15. It contains information about the total income and tax deducted (TDS) from the taxpayer’s salary.
31st July is the deadline to file returns
The last date to file income tax returns is 31st July. Sometimes, the Income Tax Department extends this deadline if needed. It had extended the deadline during the Covid pandemic. Experts say that taxpayers should not wait for the deadline to file returns. Filing returns at the last moment increases the chances of mistakes. Therefore, one should try to file returns before the deadline.
Belated returns can be filed by 31st December
If for some reason the taxpayer is unable to file income tax returns by the deadline, then he need not panic. He can file belated returns by 31st December. However, for this he will have to pay penalty and interest on tax. The penalty is Rs 1,000 if the annual income is less than Rs 5 lakh. The penalty is Rs 5,000 if the annual income is more than Rs 5 lakh.
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