The last date to file income tax returns is 15 September. So far, more than one crore taxpayers have filed returns. Many taxpayers do not want to hurry. Tax experts say that even though this time the deadline to file ITR is 15 September instead of 31 July, taxpayers should not wait for the last date to file returns. There are many advantages to file returns soon.
Revised returns can be filed by 31 December
ITR-1 And ITR-4 Taxpayers using the form should file returns soon. Income Tax Department Online Excel Utilities has already been released for them. If taxpayers get ITR forms (ITR Forms) If I see some kind of mistake in it, he can revise it. Sometimes wrong data is seen in the source of income. There is a mistake in filling the ITR form many times. If the mistake is detected on time, the return can be revised before 31 December.
These mistakes are the highest from taxpayers
It has been observed that there are more mistakes in filing income tax returns. Taxparens make a mistake in selection of form. There is a mistake in giving personal information. The information about the savings bank account of many taxpayers is not correct. Some taxpayers forget to tell about some of their income. Some taxpayers claim such deeds that they do not have proof.
Notice may come and penalty may be
Experts say that even after filing the return, if you feel that you have forgotten to tell about any of your income, then you should file revise returns. Not to do so can cause the Income Tax Department notice. You can be asked the reason for not telling about the income related to it. If not satisfied with your answer, the department can apply penalty.
Action under Black Money Act for not telling foreign income
If a taxpayer forgets to tell about any foreign assets or income, then a penalty can be imposed on it under Black Money (Undiculged Foreign Income and Assets) and the Imposition of Tax Act, 2015. However, if a taxpayer does not tell about assets worth less than Rs 20 lakh, then it will not be penalty. For this, the government had revised the Union Budget 2024.
Also read: Income Tax Return: If taxpayers have died, is it necessary to file ITR?
Taxpayers can revise returns like this
To revise the income tax return, you have to visit the e-filing portal (Incometax.gov.in). In e-file you will see file income tax returns. After clicking on it, you have to select the concerned assessment year. Then, click on ‘Revised Return Under Section 139 (5)’. During this time you have to tell the ancillation number of original returns.