An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. The Income Tax Return (ITR) must be filed every year on or before a specified / due date.
In short, the last date to file the income tax return (ITR) for FY 2022-23 (AY 2023-24) is July 31, 2023. But individuals missing that deadline can still file their ITRs. It will be termed as belated ITRs. The last date to file a belated ITR for FY 2022-23 (AY 2023-24) is December 31, 2023.
- What happened if misreported income In ITR:
- If income is underreported, the penalty is 50% of the tax due.
- If income is misreported, the penalty is 200%.
- Tax authorities can levy fines on taxpayers who fail to correctly disclose their income under Section 270A.
- an entry in the books of accounts based on forged or falsified documents or any false piece of documentary evidence, is regarded as a false entry, and if identified during the course of proceedings, is liable to a penalty of Rs 10,000 or tax evaded, whichever is higher, under section 271AAD.
- Please note that: a fake rent receipt or taking a false deduction of donations can result in a tax notice asking for valid documents, proof of rental payments, proof of donations made, etc.
- Any professional, ie., accountant or merchant banker or registered valuer, furnishes a report or certificate based on incorrect information, the AO or CIT(A) can direct such professional to pay a sum of Rs. 10,000 for every such report or certificate as penalty under section 271J
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