For those who missed the July 31st deadline for earnings tax return submitting, right here’s what it’s essential know. Lengthy story brief – you snooze, you lose.
The deadline for submitting your earnings tax return for the evaluation 12 months 2022-23 was July 31st, 2022. In case you had been hoping for an extension, the federal government reiterated that there can be no extension this time round. So, in essence, you snooze, you lose. Missed it and questioning what now?
Many organisations, together with banks and insurance coverage firms which can be issuing loans or life insurance coverage insurance policies, would use your earnings tax returns as proof of earnings.
When making use of for a visa to journey overseas, consulates of many overseas international locations would ask in your tax receipts as proof that you’ve got a respectable supply of earnings in your house nation.
Submitting your return on time additionally means you’re eligible for earnings tax refunds.
Do not forget that submitting your earnings tax return is necessary in the event you pay TDS (tax deducted at supply) in your earnings, even if you’re beneath the Rs. 2.5 lakh threshold of annual earnings.
Extra Studying: 5 Advantages of Submitting Revenue Tax Returns
In case you missed the July 31st deadline to file your earnings tax return, you continue to have time till December 31st this 12 months to file your return. Nonetheless, bear in mind that you’ll want to pay a late charge.
You would wish to pay a late charge of Rs. 1,000 in case your annual earnings is as much as Rs. 5 lakhs. In case your annual earnings is over Rs. 5 lakhs, you would wish to cough up a late charge of Rs. 5,000. Additionally, you will should pay curiosity on the late cost of taxes.
Observe that you’ll not should pay a wonderful for late submitting of earnings tax returns in case your gross earnings is lower than the essential exemption restrict.
Within the occasion that you just miss the December 31st, 2022 deadline for late submitting too, please do not forget that you will be unable to file your earnings tax return voluntarily for the 2022-23 evaluation 12 months. In such a case, you may be notified by the Revenue Tax Division concerning the subsequent steps you’d must take. Gulp! We do hope it doesn’t come to that!
Extra Studying: House Mortgage Tax Advantages
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