The last day of the year i.e. 31 December is the last chance to file Income Tax Return (ITR).
GST taxpayers with turnover above Rs 2 crore for FY22 can file their annual return in Form GSTR-9 today; Individuals who have filed belated ITR for AY23 are allowed to file revised returns
GST Annual Return, Delayed and Revised ITR Deadline Today: Individuals who have not yet filed their ITR for Assessment Year 2022-23 or who want to revise their already filed income tax return, have the last chance to do so today, December 31. In addition, GST taxpayers, whose aggregate annual turnover for FY22 is more than Rs 2 crore, can also file their annual return in FORM GSTR-9 on the last day today.
“Attention, GST taxpayers, whose gross annual turnover for FY 2021-22 is more than Rs 2 crore! … Kindly file your annual return in FORM GSTR-9 for FY 2021-22,” Central Indirect Board of Taxes and Customs (CBIC) said in a tweet on Saturday (December 31).
The Income Tax Department has also asked taxpayers several times to file ITR by December 31, 2022.
Key Things to Know About Delayed ITR
1) Under Section 139(4) of the Income Tax Act, 1961, there is a provision for filing belated ITR if you have missed the original deadline.
2) However, as per section 234F, late filing of ITR after July 31 by taxpayers having total income of Rs 5 lakh and above will attract a penalty of Rs 5,000. For taxpayers with a total income of less than Rs 5 lakh, the penalty amount is Rs 1,000, while those who are exempt from paying income tax will not have to pay any penalty.
3) For belated ITR filing, filers need to opt for section 139(4) in the tax return form. The last date to file belated ITR is December 31. If someone misses this deadline, he will not be able to file ITR until the Income Tax Department sends a notice.
Key things to know about Revised ITR
1) If you have filed ITR within the original deadline of 31st July but have made a mistake, you can rectify it and file a revised ITR by 31st December. For this provision has been made under section 139(5) of the Income Tax Act.
2) The procedure to file Revised ITR is the same as that of Original ITR. However, you must select Section 139(5) in the Income Tax Return Form and have the original ITR as the process will require the data entered in the original ITR as well.
3) Since the revised return supersedes the original return and multiple revised returns may result in detailed investigation of the matter, it should be ensured that the revised return reflects the correct data and information. Further, the revised return should be in consonance with the disclosures made in the tax audit report.
4) Even those who have filed belated ITR (return filed after due date) are also allowed to file revised return. Earlier, only those taxpayers who filed ITR before the deadline was allowed to revise their returns.
Experts said revised returns can be filed multiple times within the statutory time limit. However, if the return is revised multiple times, the said return may be selected for detailed assessment to assess the reasons for multiple revisions in the tax return. There is nothing specific that needs to be considered while filing a revised return.
Experts also said that if your income tax return has been processed and you have availed refund, a revised return can be filed if it is filed within the specified due date. If changes are to be made in the ITR form, a revised return can be filed.
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