For the taxpayers with taxable income less than Rs 5 lakh per annum, a penalty of Rs 1,000 has to be paid.
The Income Tax Returns (ITR) filing for the financial year 2022-23 (FY23) last day is on Monday (July 31).
As per reports, as of July 30, registering a record number, more than 60 million ITRs have been filed for FY23 (AY24).
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As per the law, the individuals who miss the July 31 deadline can still file belated ITRs with penalty.
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The last date to file these ITRs for FY23 or AY24 is December 31, 2023 with a penalty of up to Rs 5,000 under Section 234F of the Income Tax Act, 1961. However, the individuals might also have to pay more than just the penalty in case they miss the deadline.
For the taxpayers with taxable income less than Rs 5 lakh per annum, a penalty of Rs 1,000 has to be paid.
The I-T department will charge an interest of 1% per month or part thereof for late filing of ITR. An additional 1% on default in payment of advance tax until the date of filing belated ITR.
Under Section 234F of the Income Tax Act, 1961, while filing a belated ITR, Individuals have to pay a penalty of up to Rs 5,000.
Taxpayers with taxable income less than Rs 5 lakh per annum have to pay a penalty of Rs 1,000.
Steps for filing ITR and documents required
At the time of filing the ITR, you need to have documents like PAN Card, Aadhaar Card, Form-16, 16A, 16B, 16C, 26AS, Annual Information Statement (AIS), Taxpayer Information Summary (TIS), etc.
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