ITR filing season: Check how much penalty you need to pay after July 31; avoid doing these things to get refund, warns I-T department
ITR filing season: If you file your ITR after the last, then you will need to pay a penalty for this. According to the income tax department, penalties will be imposed based on taxpayers' income.
ITR filing season: There are only three days left to file the income tax return (ITR) as July 31 is the last date.
What happens if you don't file ITR before the due date?
If you file your ITR after the last, then you will need to pay a penalty for this. According to the income tax department, penalties will be imposed based on taxpayers' income.
How to file ITR after July 31?
There is an option of filing a Belated ITR.
What is Belated ITR?
When taxpayers file their ITR after the last due date, then they file their ITR under Belated ITR.
How much fee do you need to pay under Belated ITR?
If your taxable income is less than Rs 5 lakh then you will need to pay a tax of Rs 1,000 and if the taxable income is over Rs 5 lakh, then the fine will be Rs 5,000.
I-T refund
Many people try to do various things to get a refund from the I-T department. The Income Tax Department has asked those filing returns not to make fake claims for expenses and not to understate their income.
I-T department
The I-T department said that making exaggerated and fake claims is a punishable offense and this leads to delays in issuing refunds (IT Refunds).
Don't do these things to get a refund
The Income Tax Department has urged taxpayers filing ITR not to claim the Tax Deducted at Source (TDS) amount at the wrong source, not to underreport their income, or not to overstate the deduction.
Over 5 crore ITRs have been filed
According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than 5 crore ITRs have been filed till July 26, 2024.