Income Tax Return Filing AY 2023-24: The last date for filing Income Tax Return (ITR) for the financial year 2022-23 was 31 July 2023, which has now expired. However, even after this you can file income tax return.
If you have missed the date of 31st July to file ITR, then you have a chance to file the return till 31st December as well. In such a situation, the question is, what do you have to do for this? How much will be the fine? Will I get refund or not? Information about all these questions has been given.
How much will be the fine
If you have missed the date of July 31 to file ITR, then you will have to pay the late fee. It can be up to 5 thousand rupees. If your annual income is more than Rs 5 lakh, then you will have to pay Rs 5,000, while if your annual income is less than Rs 5 lakh, you will have to pay a fine of Rs 1,000.
How much will be the interest
Late filing of returns increases the tax liability as taxpayers have to pay extra interest. The extra interest will increase by 1% every month. If suppose you have not filed the return till 31st July, then this interest will start being charged at 1% from August. After December 31, you will not be able to file late ITR either. This extra interest is applicable under section 234A of the Income Tax Department.
What will be the effect on income tax refund
If you are filing income tax return late, then refund will also be given to you late. In such a situation, you may have to wait a long time for the refund. This refund will be calculated on the basis of your exemptions and deductions.
It is also necessary to verify
If you filed the return before July 31, but did not verify it, then it has to be e-verified as soon as possible. Refund will not come if ITR is not verified, as your ITR will not be considered complete without it.
