ITR Filing: Taxpayers can file Returns with late fees till 31st December
Such taxpayers, who have not yet filed the income tax return for the financial year 2023-24, can file their income tax return with late fees till 31st December. If the income of the taxpayer is up to Rs.2.5 lakh then he will not have to pay late fees.
According to income tax and GST expert Gaurav Gupta, taxpayers under the age of 60 would have to pay a Rs.1,000 late fee if their income is greater than Rs.2.5 lakh but less than Rs.5 lakh.
If the taxpayer is over the age of sixty, he must pay a late fee of Rs.1,000 on income greater than Rs.3 lakh but less than Rs.5 lakh. If the taxpayer is over the age of eighty, he will not have to pay any late fees on income up to Rs.5 lakh. If a taxpayer’s income exceeds Rs.5 lakh, he must pay a late fee of Rs.5,000.
Taxpayers who earn more than the taxable limit have not paid income tax. They will be charged interest and late fees as well . The more late the income tax return is filed, the more interest must be paid. After that, the income tax return will be filed.
Taxpayers who have had TDS deducted yet have been unable to file income tax returns. Such taxpayers can obtain a refund by filing income tax returns by December 23rd.
The taxpayer will not receive an income tax refund if the income tax return for assessment year 2023-24 is not filed by December 31, 2023. The taxpayer must review his Form 26AS and AIS before filing his income tax return. Only then should you file your income tax return.
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