File ITR By Dec 31, Income Tax Department Warns Taxpayers

New Delhi: The Income Tax Department has issued a warning for taxpayers who missed the July 31 deadline to file their income tax return (ITR) for the financial year 2022-23. In a post on social media platform X, the department said these taxpayers must do it by December 31, 2023, warning that it is the “last chance” to file the belated/revised ITR for the financial year. The Income Tax Department’s post also mentioned the difference between revised and belated ITRs.

“Kind Attention Taxpayers, 31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date,” the post on X said.

Kind Attention Taxpayers,

31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024.

Hurry! File your ITR before the due date.

Pl visit https://t.co/uv6KQUbXGv#FileNow pic.twitter.com/S6HRuxYGBg

— Income Tax India (@IncomeTaxIndia) December 28, 2023

The department also shared a link to its website where users can find all the information about filing ITRs.

With effect from the assessment year 2020-21, the income tax department rules have made it mandatory for every person to file a return.

The three main conditions for paying the income tax are:

• If per person has deposited Rs 1 crore or more in one or more current account.
• Has incurred aggregate expenditure in excess of Rs 2 lakh for himself or any other person for travel to a foreign country
• If a person has an aggregate expenditure in excess of Rs 1 lakh towards payment of electricity bill.

The department has also said that those who fail to file the income tax return within the specified time limit, can file a belated return under Section 139(4) of the Income Tax Act. There is not separate form for belated ITR, an assessee will have to use the forms notified for a particular assessment year.