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Time is running out for taxpayers as the last date to file income tax returns (ITR) for FY 2022-23 (AY 2023-24) is just 9 days away. While some individuals may be hopeful for a deadline extension, recent reports suggest that the Centre is not inclined to grant any further extension beyond July 31, 2023., Personal Finance News, Times Now
Penalty for Late Filing of Income Tax Return: For each assessment year (AY), the government gives taxpayers four months to consolidate their income tax details for the relevant fiscal year and submit their income tax return (ITR) properly. However, there are several consequences that taxpayers are liable to face if they fail to close their returns by the due date., Personal Finance News, Times Now
If you had chosen the new tax regime for the Financial Year 2022-23, the taxpayers would not be eligible for most deductions. However, if you had opted for the old tax regime, then you will have to submit proofs for eligible investments and expenses to ensure the employer deducts lower tax (TDS) on salary., Personal Finance News, Times Now