The Income Tax return filing deadline for the assessment year 2023-24 is looming, and it’s crucial for taxpayers, especially those who have income from business, profession, and salaried individuals, to be aware of the deadlines, penalties, and vital forms such as Form 26AS and AIS. Neglecting these aspects could lead to late fees or an unexpected notification from the Income Tax Department.
Taxpayers who are not audited and have income from business and profession and salaried taxpayers, the last date for filing the income tax return for the assessment year 2023-24 is July 31, 2023. If, for any reasons, such taxpayers do not file their income tax return by July 31, 2023, and their income is more than five lakhs, then they will be charged a late fee of five thousand. If the income is less than five lakhs, then a late fee of one thousand will be charged.
Taxpayers’ income is less than 2.50 lakhs and their age is less than 60 years, then no late fee will be charged. If the age is more than 60 years, then no late fee will be charged on income up to three lakhs.
In the tax assessment year 2023-24, the government has given tax exemption on income up to five lakhs, but if the income is more than the tax-free limit, then it is mandatory to file an income tax return. Even if no tax is due, such taxpayers whose TDS has been deducted and they have to get a refund must file an income tax return to get an income tax refund. Refund will not be received without filing an income tax return.
Must check Form 26AS and AIS before filing the income tax return. Keep in mind that there is a lot of information available on AIS that the taxpayer has to show in the income tax return. If the taxpayer does not include such income in his income tax return, then if his income tax return is wrong, a notice can come from the Income Tax Department, and the arrears of income tax will have to be deposited with interest. Therefore, before filing the income tax return, must check Form 26AS and AIS.
Full details of purchase and sale of traders who are registered in GST are available with the government, so income tax can be paid only after checking all the details online. File the return.
There are still many taxpayers who have not yet been able to file the income tax return for the assessment year 2023-2024 or are not showing interest in filing. But keep in mind that if the return is not filed till 31.07.2023, they will have to pay the late fee; only after that they will be able to file the income tax return.
Conclusion: Despite the lack of interest or delay in filing among some taxpayers, it’s essential to remember the financial implications of late filing. By adhering to the deadline, checking Form 26AS and AIS, and fully understanding the government’s tax rules for the 2023-24 assessment year, taxpayers can avoid late fees and potential legal complications. The onus of accurate and timely tax return filing falls squarely on the taxpayer.
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