Tuesday, 23rd July, 2024

Income tax returns can be filed without penalty till June 30

Sunday, 23 June 2024 | 9:19 am | 21 times

Income tax returns can be filed without penalty till June 30

Those who have obtained a TIN certificate, but have not filed their income tax return, can file their income tax return by June 30 without penalty. Only those filing income tax returns for the first time will get time till June 30 without penalty.

According to NBR sources, for individuals who have never filed returns before, the income year will end on June 30. That is, the return can be filed on any day during that period. A detailed explanation of the matter has been kept in the income tax circular. But this time the tax payer has to show the receipt to take 44 types of services. There are over crores of TIN holders in the country. Out of which 40 lakh taxpayers have filed income tax returns so far.

The period for submission of returns for regular taxpayers has ended on January 31 this year. After that, those new taxpayers who have taken TIN can also file returns by June 30. According to NBR field level officials, many new taxpayers are submitting their returns with the opportunity to submit their returns till June 30. Generally the time for filing income tax return is fixed from 1st July to 30th November every year. Individual taxpayers are liable to pay a penalty of two percent per month if they fail to file on time.

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