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Fast Learn: What Occurs If You Fail to File ITR On Time | BankBazaar

When you missed the July 31st deadline for earnings tax return submitting, right here’s what it’s good to know. Lengthy story quick – you snooze, you lose.

The deadline for submitting your earnings tax return for the evaluation yr 2022-23 was July 31st, 2022. In case you have been hoping for an extension, the federal government reiterated that there could 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 corporations which might 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 international nations would ask in your tax receipts as proof that you’ve 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 vital in the event you pay TDS (tax deducted at supply) in your earnings, even if you’re underneath 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 yr to file your return. Nevertheless, bear in mind that you will want to pay a late price.

You would want to pay a late price 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 want to cough up a late price of Rs. 5,000. Additionally, you will must pay curiosity on the late cost of taxes.

Observe that you’ll not must pay a nice 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 yr. 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: Dwelling Mortgage Tax Advantages

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