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Income Tax Returns 2024: If a taxpayer was unable to file the belated return within the specified deadline (December 31) due to valid reasons, they have the option to seek a condonation of delay from the Central Board of Direct Taxes (CBDT) under Section 119 of the Act.
The Income Tax Department has reminded taxpayers to file their income tax return by December 31, 2023, or face penalties
Ministry of finance posed on X, "Steady growth in Direct Tax collections! Net collection in FY 2023-24 (upto 30.11.2023) is 23.4 per cent higher Year-on-Year. 58.34 per cent of Budget Estimates for FY2023-24 already achieved. #ViksitBharat #FinMinReview2023"
Misreporting of income in ITR may lead to an interest payment at 12 per cent a year, penalty at 200 per cent of taxes, prosecution which may entail imprisonment
Revenue secretary said given the comparatively low tax-to-GDP ratio, the tax base has to widen before Centre can lower personal income tax rates