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Published: December 29, 2023
Updated: December 29, 2023

Consequences of Missing the December 31 ITR Filing Deadline

In the realm of income tax, meeting deadlines is paramount. Failing to file your income tax return (ITR) by the December 31 deadline can result in penalties, interest accrual on unpaid taxes, and potential delays in receiving refunds. It's crucial for taxpayers to be vigilant about these timelines.

Consequences of Missing the Deadline:

If you miss the December 31 deadline, there's a lifeline provided by Section 139(8A) of the IT Act. Taxpayers have up to 24 months from the end of the relevant assessment year to file an updated return. However, certain conditions apply. A 25% additional tax on the aggregate of tax and interest payable is levied under Section 140B of the IT Act. This can increase to 50% if the updated return is filed after 12 months but before 24 months from the end of the relevant assessment year.

Exceptions to Filing Updated Returns:

While the option for an updated return exists, there are exceptions. It cannot be filed in cases involving loss returns, nil returns, pending assessment or reassessment proceedings, ongoing search or survey, or prosecution proceedings.

Financial Hurdles and Unforeseen Circumstances:

Sometimes, individuals may miss deadlines due to various reasons such as not receiving notifications, overlooking communications, or facing financial difficulties hindering them from obtaining necessary funds for professional tax assistance. Being aware of these challenges is crucial in understanding the importance of timely filings.

Steps to File Revised ITR:

For taxpayers discovering errors in their original return, filing a revised return under Section 139(5) of the IT Act is essential. Here are the steps to follow:

● Login to the Income Tax e-Filing Portal
● Choose the Assessment Year and Submission Mode (online or offline)
● Select Filing Type (Original, Revised, or Belated) and ITR Form
● Upload the ITR in the proper format if filing offline
● File the return directly on the website if opting for online submission

Compliance with ITR filing deadlines is not just a legal requirement but a financial responsibility. By understanding the consequences of missing the December 31 deadline and following the steps for revised filings, taxpayers can navigate the complexities of income tax regulations more effectively. Stay informed, stay compliant.