ITR Filing FY 2022-23: The Income Tax Department of India is accepting income tax return ITR file 2023 through online and offline mode. so if you are an individual who Is earning more than from the minimum slab of income tax Department. then you have to pay your tax from financial year 2022 to 23 before 31 July 2023.
in case you are not Filing your income tax (ITR 2023), then department will charge penalties against you. department can also take serious actions for those who did not submit their income tax return 2023 till the last date. so if you are going to pay your tax of financial year 2022 to 23, then you should immediately file your income tax return Otherwise you have to face various issues. today we are discussing the issues which will happen to those taxpayers who did not submit their income tax before ITR last date 31 July 2023.
Department will charge Penalty for those who did not pay Income Tax timely
As discussed, the last date of income tax return file is 31 July 2023. after the last date you have to submit an extra amount with your tax as a penalty from the Income Tax Department. Income Tax Department of India will charge Rs 1000 as a itr penalty for those individuals who are less than 5 lakh rupees annually. If you are earning more than 5 lakh rupees annually then the department will charge 5000 as a penalty. but there is also a last date to submit your income tax return file with Penalty, which is 31 December 2023. If you submit your income tax return after 31 July 2023 then department will charge up to 10000 rupees per individual as a penalty.
Submit additional interest rate according to your due tax
If you are not able to submit your income tax return before last date. then government will charge you that penalty and if you have the due tex then you have to pay Additional interest rate for these due tax. the interest rates will increase 1% in every month, when till you submit your income tax return file 2023.
Cannot use new tax regime
The income test department is accepting income tax return file from both old tax Regime and new tax regime. If you have a specific reduction, then you cannot apply for new tax Regime after ending of the last date for submitting your income tax return.
Wait for long time to get your refund
First Come First serve is basic rule for everywhere. if you submit your income tax return early, than you will get your refund early. if an individual submit their income tax return file at the end of last date or after ending of the last date then you have to wait for a long time to get back your refund.
so if you do not want to face these problem, then you should submit your income tax return file immediately from the official website of income tax department of India. you will need to spend your maximum 15 to 20 minutes to submit your income tax return.