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Taxpayers Need To Know These Things


The last day of the year, December 31, is the last chance to file your income tax return (ITR).

The last day of the year, December 31, is the last chance to file your income tax return (ITR).

GST taxpayers with turnover for FY22 is over Rs 2 crore can file their annual return in Form GSTR-9 today; those individuals who have filed belated ITR for AY23 are allowed to file a revised return

GST Annual Return, Belated & Revised ITR Deadlines Today: Individuals who have not yet filed their ITR for the assessment year 2022-23 or who wants to revise their already-filed income tax return, have last chance today, December 31, to do so. This apart, GST taxpayers, whose aggregate annual turnover for the FY22 is more than Rs 2 crore, can also file their annual return in Form GSTR-9 on the last day today.

“Attention, GST Taxpayers, whose Aggregate Annual Turnover for the F.Y. 2021-22 is more than Rs 2 crore!… Please file your annual return in Form GSTR-9 for FY2021-22,” the Central Board Of Indirect Taxes and Customs (CBIC) said in a tweet on Saturday (December 31).

The income tax department has also asked taxpayers multiple times to file the ITRs by December 31, 2022.

Key Things To Know About Belated ITR

1) Under Section 139(4) of the Income Tax Act, 1961, there is a provision for filing a belated ITR in case you have missed the original deadline.

2) However, as per Section 234F, a penalty of Rs 5,000 needs to be paid if one files a belated ITR after July 31 by taxpayers with a total income of Rs 5 lakh and above. For taxpayers with less than Rs 5 lakh total income, the fine amount is Rs 1,000 while those who are exempt from paying income tax do not have to pay any penalty.

3) For filing the belated ITR, filers must select Section 139(4) in the tax return form. The last date for filing the belated ITR is December 31. If someone misses this deadline, he or she will not be able to file the ITR unless the income tax department sends a notice.

Key Things To Know About Revised ITR

1) If you filed the ITR within the original deadline of July 31 but made a mistake, you can correct that and file a revised ITR by December 31. The provision for this is given under Section 139(5) of the Income Tax Act.

2) The process to file a revised ITR is the same as original ITR. However, you need to select Section 139(5) in the income tax return form and must have the original ITR as the figures put in the original ITR will also be needed in the process.

3) As the revised return substitutes the original return and multiple revised returns could result in detailed scrutiny of the matter, it should be ensured that the revised return reflects the correct data and information. Further, the revised return should be in line with the disclosures made in the tax audit report.

4) Even those who filed belated ITR (the return that is filed after the due date) are allowed to file a revised return. Previously, only those taxpayers who had filed ITR before the expiry of the deadline were allowed to revise their returns.

Experts said the revised return can be filed multiple times within the statutory time limits. However, if a return is revised multiple times, the said return may be selected for a detailed assessment to assess the reasons for multiple revisions in the tax return. There is nothing specific that should be considered while filing the revised return.

Experts also said that if your income tax return has been processed and you have availed a refund, a revised return can be filed if it is filed within the specified due date. If the ITR form has to be changed, a revised return can be filed.

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