Income Tax Return: For the financial year 2024-25, the Income Tax Department has released the ITR-6 Excel Utility. Through this, companies can file their income tax returns online. This year, the last date for filing income tax returns has been fixed as September 15. Tax experts believe that instead of waiting for the last date, taxpayers should file returns on time, so that any kind of hassle and penalty can be avoided.
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Who can fill the ITR-6 form?
The ITR-6 form is used only by companies. This form is mandatory for companies registered under the provisions of the Companies Act, 2013 or earlier. However, companies that claim exemption under section 11 cannot use it. This means that private limited companies, public limited companies, and one-person companies can file their returns with this form. This form is neither for individual income taxpayers nor for HUF or such taxpayers who use forms like ITR-1, ITR-3, and ITR-5.
Why was the ITR deadline extended this year?
Generally, the last date for filing income tax returns is 31 July, but this time it has been extended to 15 September. Actually, in this financial year, the government has made many important changes in the income tax rules, including capital gains tax. After these changes, it was necessary to update the ITR form, so the department extended the deadline for return filing. On the other hand, companies that are required to get their accounts audited can file returns till 31 October this year.
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What will happen if the return is not filed by 15 September?
If a taxpayer is unable to file his ITR by 15 September, then he will have the option of filing a belated return by 31 December. However, if there is a delay in this, both interest and penalty will have to be paid. If the taxpayer’s annual income is less than Rs 5 lakh, the penalty will be Rs 1,000, while those with income above Rs 5 lakh will have to pay a fine of up to Rs 5,000. Tax experts say that filing belated returns not only leads to additional expenses but also delays the receipt of a tax refund.