The Chhattisgarh

Tag: income tax

  • ITR Penalty Alert: What Happens If You Miss July 31 ITR Deadline Date For FY 2023-24? |

    ITR Penalty: For individual taxpayers whose accounts do not require auditing, the deadline for filing income tax returns (ITRs) for the financial year 2023-24 (the assessment year 2024-25) is July 31, 2024. However, the Income Tax Department has begun sending reminders to taxpayers through emails and SMSes to ensure they meet the ITR filing deadline and avoid penalties. 

    The last date to file a belated return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024. Filing your ITR on time is crucial for several reasons. If you miss the July 31 deadline, you can still file a belated return but will face a penalty in addition to the tax due and interest. 

    What Is a Belated Tax Return?

    If you miss filing your tax return by July 31, you can still file a belated return. This can be submitted up to three months before the end of the relevant assessment year.

    Disadvantages of Filing a Belated ITR

    Filing a belated income tax return (ITR) comes with certain drawbacks. Beyond incurring a penalty for late submission, you lose several benefits:

    -You cannot carry forward losses from capital gains, business income, and other sources (except for losses from house property).

    -You are not allowed to opt for the new tax regime when filing a late ITR for the Assessment Year 2024-25.

    Penalty for Missing the July 31 Deadline

    Under Section 234F of the Income Tax Act, the penalties for filing a belated return for the financial year 2023-24 (AY 2024-25) are as follows:

    -For individuals with a net taxable income exceeding Rs 5 lakhs, the penalty may be up to Rs 5,000.

    -For taxpayers with a net taxable income of Rs 5 lakhs or less, the maximum penalty is Rs 1,000.

    -In addition to the late filing fees, interest on any unpaid taxes will accrue from the original due date until the full amount is settled. It’s crucial to note that the penalty applies even if the belated ITR shows zero tax payable. (Also Read: ITR Filing 2024: How To Check Tax Refund Status Online With PAN Card | Refund Timeline Explained)

    Notably, a belated ITR can only be submitted and confirmed if the challan information for paying the late filing fee is included in the ITR form.

  • ‘Financial Terrorism’: Congress Slams Modi Govt After Rs 65 Crore Deducted From Account By Tax Department |

    New Delhi: The Congress party on Thursday slammed the Centre after over 65 crore rupees were deducted from its accounts by the Income Tax department. Addressing a press conference, Congress General Secretary KC Venugopal heavily criticized the BJP government and accused it of “financial terrorism.”

    “This is clearly financial terrorism imposed by the BJP government on the Congress party. According to the latest information from the banks, the BJP government compelled the banks to transfer approximately Rs. 65.89 crore from our deposits to the government,” said Venugopal.

    He further added that the amount was deducted from the accounts of AICC, IYC, and NSUI. “Unlike the BJP, we acquired this money from ordinary workers of the party,” said Venugopal.

    Venugopal alleged that withdrawal of money from the accounts just ahead of the parliamentary elections suggests that “they (BJP) are essentially stealing money from the bank.”

    Congress Party President Mallikarjun Kharge also came down heavily on the ruling party and said, “an autocratic Modi Govt is capturing Democracy through Extortion and Financial Terrorism!”

    Kharge accused the Modi government of stealing donation money from Congress and alleged that the BJP threatens corporate firms through ED, CBI, and IT. “On one hand, the Modi Govt wants to steal the hard-earned money of people donated to the Congress party in good faith, and on the other hand, it threatens corporate firms through ED, CBI, IT, etc., to grab a lion’s share of donations,” said Kharge.

    Raising concerns over the withdrawal of Rs. 65 crore “undemocratically” from the Congress’ bank accounts by the income tax department, party leader Ajay Maken said that despite the sub judice nature of the matter, the Congress party is facing an unprecedented demand of Rs. 210 crore when there is a common practice for National Political Parties to pay no income tax.

    Highlighting that neither the Congress nor the BJP pays income tax, Maken, in a post on X, said that their hopes now lie with the Judiciary.

    “Yesterday, the Income Tax Department mandated banks to transfer over Rs65 crores from INC India, IYC, and NSUI accounts to the government–Rs5 crores from IYC and NSUI, and Rs60.25 crores from INC, marking a concerning move by the BJP Government,” he said.

    “Is it common for National Political Parties to pay Income Tax? No,” he added.

    “Does the BJP pay Income Tax? No,” Ajay Maken asked.

    He continued to ask why the Congress Party is facing an unprecedented demand of Rs. 210 crores?

    He pointed out that this undemocratic act poses a threat to the country’s multi-party system.

    “This situation raises a crucial question about the state of democracy. Is it under threat?,” he said in his post on X.

    “During today’s ITAT proceedings, we presented our case. The hearing is set to continue tomorrow. The funds in question were raised through grassroots efforts, including crowdfunding and membership drives by the IYC and NSUI. This situation raises a crucial question about the state of democracy. Is it under threat? Our hope now lies with the judiciary,” Maken added.

    The hearing on Congress complaint in Income Tax Appellate Tribunal (ITAT) against recovery of the outstanding tax due of Rs. 65 crore from INC’s account will resume on Thursday.

    Meanwhile, the Income Tax Department on Wednesday submitted before the Income Tax Appellate Tribunal (ITAT) that they acted with responsibility and their action was fully in line with the law to obtain demand drafts of Rs. 65 crore from the bank accounts of Congress party.

  • Income Tax Return: Your income tax return has not come, money may be stuck due to these reasons

    Income Tax Return 2023

    Income Tax Return: The Income Tax Department had fixed July 31 as the last date for filing income tax returns for employed people. Those who have filed their returns. Their money has started coming back. In this financial year, the department has given refund of Rs 1.50 lakh crore till October 9.

    Income Tax Return Filing

    Income Tax ReturnHowever, according to the information given by the Income Tax Department, till now the returns of 35 lakh people are pending due to minor problems. Central Board of Direct Taxes (CBDT)CBDT) Chairman Nitin Gupta said that there is a minor error in the information given by the people filing ITR whose return is pending due to incorrect bank information.

    Income Tax Return

    Income Tax Return: After paying income tax, it is necessary to do its e-verification. The Income Tax Department gives 120 days time for this work. A large number of people have filed income tax. But, its e-verification was not done.

    Income Tax Return

    Income Tax Return: Income Tax Department is asking some questions from tax payers regarding returns. This information is being sought from them through e-mail or phone message. Those who are not answering the questions of the Income Tax Department. Their money is getting stuck.

    income tax

    Income Tax Return: Due to lack of verification of bank account, one is also facing problems. Many people have put old details of their bank accounts in the returns. In this, either the information about their account is wrong or the IFSC code is wrong.

    Income Tax.

    According to the Central Board of Direct Taxes (CBDT), 7.27 crore ITRs have been filed this year. At the same time, 7.5 crore income tax returns were filed in the financial year 2022-23. In such a situation, it is expected that more returns will be filed in the current financial year than the previous financial year.

    income tax

    In the current financial year, till October 9, net direct tax collection has increased by 21.82 percent to Rs 9.57 lakh crore. The Finance Ministry gave this information. Net direct tax collections have increased mainly due to better contribution from companies and individual taxpayers. With this, the net collection has become 52.5 percent of the full year Budget Estimate (BE) of Rs 18.23 lakh crore.