By:- B.T Team
Image Credit:- Google
If you miss the ITR deadline, the late fee can increase substantially after the deadline, from ₹1,000 to ₹5,000 depending on the taxable income. Don’t wait till the last minute!
After today, you can’t file a revised return for FY 2023-24. If you realize you made an error after submission, you’ll have to live with it or risk penalties.
Interest Charges on GST Delays:
Beyond the December 31st deadline, GST returns incur not only late fees but also interest charges of 18% per annum. This can drain your funds quickly!
If your annual GST turnover is less than ₹5 lakhs, you can still file GST returns without a late fee after December 31. But be sure you're within the exemption limits.
GST-registered individuals who fail to file their returns for six months will face automatic cancellation of their GST registration. A costly oversight!
ertain ITR forms can only be filed on or before the deadline based on your income type.
Many taxpayers confuse the financial year with the assessment year when filing ITR. Ensure you’re entering correct dates to avoid mistakes and penalties.
Non-resident Indians have a different GST return filing timeline. If you’re an NRI and miss today’s deadline, your GST return will incur late fees based on Indian tax laws.
Even if your income is below the taxable limit, you must file your return if you’ve earned income from a foreign source or own a foreign asset. Filing is still mandatory.