If you have not yet filed your Income Tax Return File, then you have a chance till 31st December to file ITR. After this you will not be able to file your income tax return. The Finance Ministry has told the need to pay income tax to every person who earns Rs 2.5 lakh annually. This year July 30 was the last date for filing Income Tax Return. More than 5.83 crore taxpayers have filed income tax returns, but many taxpayers have made mistakes in the given details. To rectify these mistakes, the Income Tax Department had given 5 months time to file the updated ITR, the period of which is ending on 31st December.
According to the Central Board of Direct Taxes, taxpayers who have earned through online games, lottery or betting and have not given its details in ITR, they will have to file updated ITR and give these details in it. According to income tax rules, taxpayers who have filled wrong information in their ITR or have filled half incomplete information, they also have to fill updated ITR.
Parents whose children are earning through YouTube, acting or any other way and the details of their earnings have not been given in the ITR, then they will have to file an updated ITR. According to the Income Tax Department, such taxpayers who have filled the information given in the Annual Information Statement (AIA) form without verification and if it is wrong then they need to file an updated ITR.
According to the Income Tax Department, the deadline for taxpayers to file updated ITR started after July 31 and 5 months were given for this. Under Section 139 (5) of the Income Tax Act 1961, taxpayers have been given the facility to update ITR. The last date for filing updated ITR is 31 December 2022. Taxpayers who are unable to file updated ITR by this deadline may have to face notices from the Income Tax Department or may also have to pay hefty fines.
According to the Income Tax Department, taxpayers who do not give information about money earned from online games or lotteries may face penalty or legal action under the Income Tax Act. At the same time, taxpayers who misrepresent the information given in the Annual Information Statement (AIA) form can also fill Revise or Update ITR (ITR-U) to avoid notice from the Income Tax Department.
On filing the updated ITR, the fine charges as prescribed under section 234F of the Income Tax Act, 1961. 1,000 fine has to be paid for small taxpayers ie those earning up to 2.5 lakhs, who file an updated ITR. On the other hand, those whose income is more than Rs 5 lakh may have to pay up to Rs 5,000.