The Income Tax Department has released ITR-6 Excel utility for financial year 2024-25. Now taxpayers using ITR-6 can file income tax return (ITR). This form has been updated. This year the last date for filing income tax returns is 15 September. Tax experts say that taxpayers should not wait for the last date to file ITR.
Who can use ITR-6 form?
ITR-6 All registered companies are used under the Companies Act, 2013 (or earlier version). Only such companies cannot use this form that claims the execution under section 11. This means that Private Limited Companies, Public Limited Companies and One Person Companies can use ITR-6. It is also necessary to keep in mind that ITR-6 is not for individuals and HUFs and taxpayers that use forms like ITR-1, ITR-3 and ITR-5.
Why was the deadline of ITR filing increased?
The Income Tax Department had extended the last date to 15 September for filing ITRs this year to 15 September. Taxparens who do not have to audit their accounts can file ITR by 15 September. The government had made several changes in the rules of income tax including the capital gains. Accordingly, it was necessary to change the ITR form. Therefore, the deadline for filing income tax returns was increased this year. Generally, the last date for filing income tax returns is 31 July. Taxparens whose audit audit is necessary, they can file income tax returns by October 31 this year.
What will happen if not filed returns till 15 September?
Tax experts say that if the taxpayers are unable to file returns by 15 September, then they can file a billet return by 31 December. However, taxpayers will have to pay interest and penalty on tax for filing a billowed return. If the annual income is less than Rs 5 lakh, then the penalty will be Rs 1,000. Penalty will be Rs 5,000 if the annual income exceeds Rs 5,000. Experts say that it is late to get refunds from filing billted returns.