In the past few days, many individuals have received message from Income Tax department regarding non filing of Income Tax return. In mostly cases, these messages are sent to those taxpayers who have in past filed Income Tax return but during the year they have not filed the same or they have done transactions that are covered under SFT reporting like high value cash deposition, Share market transactions, high value GST turnover, TDS Deduction by employer/ deductor etc. In today’s article we will discuss why a taxpayer should file his Income Tax return before 31st December.

Last opportunity to File Income Tax Return

31st December is the last date to file belated Income Tax return for the A.Y -2023-24. If a person missed this deadline, then he will not be allowed to file his ITR under Normal Income Tax provision. If he wish to file ITR for A.Y -2023-24, then he has to file his ITR under Section 139(8A) – ITR – U with applicable late fees, interest and penalty and additional taxes.

Last opportunity to Claim Income Tax refund

If you wish to claim Income tax refund then 31st December is the last date to claim the same because after 31st December, you will be able to file only ITR-U in which claiming of refund is not allowed.

File Return To avoid Section 148 Notice

As explained above, messages are sent to those persons whose PAN Number is showing high value SFT reported transactions. If you fail to file Income Tax return then there are high chances that you will receive Section 148 Notice from Income Tax department which may be more tedious to handle in comparison to filing of ITR.

Last date to Revise Income Tax Return

If a person has filed Income tax return for A.Y-2023-24 but wants to change any particular filed in earlier return then 31st December is last date to file the revised return. After that, you will not be allowed to revise the return except U/s 139(8A) of Income Tax return.

For better understanding let’s take the example of Mr. A, who is a professional doctor and rendering his services to a Private hospitals on visit basis who has deducted TDS of Mr. A @ 10%. His gross receipts during the year is Rs.1150000/- and his Form 26AS is showing a TDS of Rs.75000/- he has invested Rs.150000/- in LIC and PPF account. According to record maintain by him his net profit is Rs.625000/-and his taxable income comes to Rs. 475000/- and he failed to file his ITR before 31st December. If he files his ITR after 31st December, then he will not be able to claim his refund amount of Rs.75000/-, even he has to disclose his taxable income at higher amount so that there will not be any refund dues. After disclosing his taxable income at higher amount, if still any tax amount is payable then he has to pay that taxes and additional taxes @ 25% / 50%.

To avoid such kind of situation you should file your ITR before 31st December.


Disclaimer: This article is for the purpose of information and shall not be treated as solicitation in any manner and for any other purpose whatsoever. It shall not be used as legal opinion and not to be used for rendering any professional advice. The author will not be held responsible for any lose, if occur after using above information. Kindly consult your professionals before taking any action. This article is written on the basis of author’s personal experience and provision applicable as on date of writing of this article. Adequate attention has been given to avoid any clerical/arithmetical error, however; if it still persists kindly intimate us to avoid such error for the benefits of others readers. The Author “CA. Shiv Kumar Sharma” can be reached at mail – and Mobile/WhatsApp–9911303737.

Author Bio

Qualification: CA
Company: Shiv Kumar Sharma & Associates
Location: Delhi, Delhi, India
Member Since: 03 Dec 2018 | Total Posts: 116
My Self CA. Shiv Kumar Sharma. I am a member of "The Institute of Chartered Accountants of India" since 2012. Currently, I am in Practice and dealing in Direct and Indirect taxation along with ROC Compliances. I am writing Articles for, and in the expert panel of ca View Full Profile

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February 2024