July 31, 2023 is the last day to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee. Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.
The interest rate under Section 234A is 1% per month or part of a month on the amount of tax due, from the due date till the date of payment. The penalty under Section 234F is Rs. 500 for the first month of delay, and Rs. 100 for every subsequent month of delay.
If you have not yet filed your ITR, you can do so online through the e-filing portal of the Income Tax Department. You can also file your ITR through a tax consultant or a CA.
It is important to file your ITR on time to avoid penalties and interest. You can also avail of certain benefits, such as claiming a refund of excess tax paid, if you file your ITR on time.
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