The Income Tax Department had extended the last date for filing ITR this year to September 15. Taxpayers who are not required to get their accounts audited can file ITR till September 15
The Income Tax Department has released the ITR-6 Excel utility for the financial year 2024-25. Now taxpayers using ITR-6 can file income tax returns (ITR). This form has been updated. The last date for filing income tax returns this year is September 15. Tax experts say that taxpayers should not wait for the last date to file ITR.
Who can use ITR-6 Form?
ITR-6 is used by all companies registered under the Companies Act, 2013 (or earlier versions). The only companies that cannot use this form are those that claim exemption under section 11. This means that private limited companies, public limited companies and one person companies can use ITR-6. It is also important to note that the ITR-6 form is not for individuals and HUFs and taxpayers who use forms like ITR-1, ITR-3 and ITR-5.
Why was the ITR filing deadline extended?
The Income Tax Department had extended the last date for filing ITR to 15 September this year. Taxpayers who are not required to get their accounts audited can file ITR till 15 September. The government had made several changes in the income tax rules including capital gains. According to this, it was necessary to change the ITR form. Therefore, the deadline for filing income tax returns was extended this year. Generally, the last date for filing income tax returns is 31 July. Taxpayers whose accounts are required to be audited can file income tax returns till 31 October this year.
What will happen if the return is not filed by 15th September?
Tax experts say that if taxpayers are unable to file returns by September 15 for any reason, they can file belated returns by December 31. However, taxpayers will have to pay interest and penalty on tax for filing belated returns. If the annual income is less than Rs 5 lakh, the penalty will be Rs 1,000. If the annual income is more than Rs 5,000, the penalty will be Rs 5,000. Experts say that filing belated returns delays the refund.
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