The Income Tax Department has issued a crucial warning for individuals who missed the initial deadline of July 31 to file their income tax returns (ITR) for the financial year 2022-23. Emphasizing the significance of adhering to tax regulations, the department highlighted that the final chance to submit belated or revised ITRs for this financial year is December 31, 2023.

The Department's notification on social media platform X emphasized the urgency for these taxpayers to take immediate action, categorizing this as the "last opportunity" to fulfill their tax obligations for the stated financial year. Also, it clarified the distinction between revised and belated ITRs.

"Attention Taxpayers! The deadline to file belated/revised ITR for AY 2023-2024 is December 31, 2023. Act now! Complete your ITR filing before the due date," stated the post on platform X.

To assist taxpayers in fulfilling their obligations, the department provided a link to its website where comprehensive guidance on filing ITRs is available.

The Income Tax Department's regulations mandate the filing of income returns from the assessment year 2020-21 onwards. Moreover, it has outlined three primary conditions for individuals subject to income tax: those who have deposited Rs. 1 crore or more in one or multiple current accounts, those who have incurred aggregate expenses exceeding Rs. 2 lakh for themselves or others' foreign travel, and those with aggregate expenses surpassing Rs. 1 lakh towards electricity bill payments.

Highlighting the consequences of delayed filing, the department mentioned that under Section 139(4) of the income tax act, a belated return can be submitted by individuals failing to meet the stipulated deadline. Notably, there isn't a separate form for belated ITRs, requiring assesses to use the designated forms for a specific assessment year.

Failure to even submit the belated ITR may lead to adverse consequences. This includes the inability to carry forward losses (except income from house property), imposition of interest under Section 234A and fees under Section 234F, ineligibility for exemptions under Sections 10A and 10B, and unavailability of deductions under Part-C of Chapter VI-A.

Section 234F prescribes a penalty of Rs. 5,000 or Rs. 1,000 for smaller taxpayers, alongside a 1% monthly interest as per Section 234A on pending income tax payments.

Another crucial step after filing is to verify the ITR within 30 days. The Income Tax Department considers any unverified ITR as not filed, stressing the importance of this final verification step in the process.

Attention: Five Important Personal Finance Tasks to Complete Before December 31, 2023