The final day to file an individual taxpayer’s ITR was July 31, 2023. Now that date has passed. However, individuals can still submit their income tax returns. People must also follow a procedure for this. Actually, individuals can now file an ITR by paying a late charge if they have not yet reported their earnings for the fiscal year 2022–2023 (FY 2022–2023). People do, however, also have a set date for this.
How long is the filing period after the deadline?
Taxpayers who neglected to file an ITR by July 31 may still do so at this time. By the end of December 2023, these taxpayers will be able to file their taxes. Salaried workers, on the other hand, will be assessed a late fee of up to Rs 5000 on such filings if their net taxable income exceeds Rs 5 lakh annually. In addition, those with taxable incomes under Rs 5 lakh can file ITRs with a Rs 1000 filing fee.
Why submit an ITR even if your annual income is less than 5 lakh rupees?
If the taxable income is less than 5 lakhs per year, income tax laws permit exemption. However, in order to seek an exemption under the pertinent sections, taxpayers must file their ITR. ITR filings were finalized without penalty on Monday, July 31. However, a person can file an ITR until December with a penalty of Rs 1,000 if their net taxable income is less than Rs 5 lakh.
Remember which tax regime
you must select when filing your income tax return with a late charge. Income tax returns are currently filed under several tax slabs in accordance with both the new and old tax regimes.
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