The article discusses the importance of meeting the December 31, 2024 deadline for submitting belated and revised income tax returns for the financial year 2023-24. It outlines the consequences of missing this deadline and the limitations faced when filing belated returns under the new tax regime. Additionally, it explains the implications of missing the deadline for submitting revised returns and advises against frequent revisions to avoid scrutiny from the Income Tax Department.
Highlights of the Article:
1. Consequences of Missing Deadline: Failing to submit belated returns by December 31, 2024, incurs penalties under Section 139(4) of the Income Tax Act, with varying amounts depending on taxable income levels.
2. Limitations of Belated Returns: For the financial year in question, only the new tax regime can be applied in belated returns, eliminating some deductions and exemptions available in the previous regime.
3. Revised Return Deadline: Taxpayers have until December 31, 2024, to file revised returns for rectifying errors in original or belated returns, with caution advised against frequent revisions to avoid scrutiny.
Summary: The article stresses the importance of meeting the deadline for submitting belated and revised income tax returns for FY 2023-24, detailing the penalties and limitations involved. It underscores the need for taxpayers to understand the implications of missing these deadlines and the procedures for rectifying errors in returns accurately and timely.
Editorial content by Avery Redwood
