ITR Filling: Big news for Income Tax payers. The process of filing Income Tax Return (ITR) will start from the date fixed by the Income Tax Department. In such a situation, you need to file income tax return without delay. If you get a refund by filing it on time, you will start getting the refund soon. In the year 2024, online forms were issued by the Income Tax Department in the month of April itself.
Last date for filing ITR is 31st July
If there is no difference in the ITR, the refund is issued. He said that the last date for filing income tax return is 31st July.
It is expected that the form will be released. After this, taxpayers whose TDS has not been deducted can also file ITR, because the forms are released on 16 May. Income tax experts CA Ashish Rohatgi and CA Rashmi Gupta said that the Income Tax Department must be making efforts for the ITR form. In such a situation, it is expected that these forms will come soon.
If you file your income tax return on time, you will get your refund soon. If there is a delay in this, the refund may also get delayed. Actually, the Income Tax Department starts processing the return after the ITR is filed within the deadline.
Additional tax will have to be paid
Finance Minister Nirmala Sitharaman gave the facility to taxpayers under the Finance Act 2022 that they can revise their filed ITR and file it again within two years. In such a situation, if you also want to update your return for Assessment Year 2022-23 or Financial Year 2021-22, they will have to file it by March 31, 2025. However, to file an updated return, additional tax will have to be paid as per the new provisions.
Under what circumstances can you file updated ITR?
Taxpayers can file updated ITR under several circumstances. However, there are some exceptions in which filing of returns is not allowed. Updated ITR can also be filed by taxpayers who had previously claimed loss under section 139 (3).