 "Income tax returns")
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A taxpayer—whether or not a person, Hindu Undivided Household (HUF), agency, firm, or every other assessee—who fails to file an ITR inside the authentic due date underneath Part 139(1) of the Revenue-tax (I-T) Act can file a belated return underneath Part 139(4). (Picture: Shutterstock)
With the December 31 deadline quick approaching, particular person taxpayers who missed the unique revenue tax return (ITR) submitting date are operating out of time to set issues proper. The belated return window presents a closing alternative within the present evaluation 12 months to reveal revenue, pay pending taxes and regularise compliance, albeit at a price.
Failing to behave earlier than the deadline can have long-term penalties. Whereas a belated return attracts curiosity and late charges, tax specialists say it’s far preferable to not submitting in any respect.
What’s a belated return?
A taxpayer—whether or not a person,
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