WHY TO FILE INCOME TAX RETURN BEFORE 31ST DECEMBER?

1. WHY TO FILE INCOME TAX RETURN BEFORE 31ST
DECEMBER?
AUTHOR :SHIV786
https://taxguru.in/income-tax/file-income-tax-return-31st-december.html
In the past few days, many individuals have received message from Income Tax department regarding non filing
of Income Tax return. In mostly cases, these messages are sent to those taxpayers who have in past filed Income
Tax return but during the year they have not filed the same or they have done transactions that are covered under
SFT reporting like high value cash deposition, Share market transactions, high value GST turnover, TDS
Deduction by employer/ deductor etc. In today’s article we will discuss why a taxpayer should file his Income
Tax return before 31st December.
Page Contents
Last opportunity to File Income Tax Return
Last opportunity to Claim Income Tax refund
File Return To avoid Section 148 Notice
Last date to Revise Income Tax Return
Last opportunity to File Income Tax Return
31st December is the last date to file belated Income Tax return for the A.Y -2023-24. If a person missed this
deadline, then he will not be allowed to file his ITR under Normal Income Tax provision. If he wish to file ITR
for A.Y -2023-24, then he has to file his ITR under Section 139(8A) – ITR – U with applicable late fees, interest
and penalty and additional taxes.
Last opportunity to Claim Income Tax refund
If you wish to claim Income tax refund then 31st December is the last date to claim the same because after 31st
December, you will be able to file only ITR-U in which claiming of refund is not allowed.
File Return To avoid Section 148 Notice
As explained above, messages are sent to those persons whose PAN Number is showing high value SFT reported
transactions. If you fail to file Income Tax return then there are high chances that you will receive Section 148
Notice from Income Tax department which may be more tedious to handle in comparison to filing of ITR.
Last date to Revise Income Tax Return

2. If a person has filed Income tax return for A.Y-2023-24 but wants to change any particular filed in earlier return
then 31st December is last date to file the revised return. After that, you will not be allowed to revise the return
except U/s 139(8A) of Income Tax return.
For better understanding let’s take the example of Mr. A, who is a professional doctor and rendering his services
to a Private hospitals on visit basis who has deducted TDS of Mr. A @ 10%. His gross receipts during the year is
Rs.1150000/- and his Form 26AS is showing a TDS of Rs.75000/- he has invested Rs.150000/- in LIC and PPF
account. According to record maintain by him his net profit is Rs.625000/-and his taxable income comes to Rs.
475000/- and he failed to file his ITR before 31st December. If he files his ITR after 31st December, then he will
not be able to claim his refund amount of Rs.75000/-, even he has to disclose his taxable income at higher
amount so that there will not be any refund dues. After disclosing his taxable income at higher amount, if still
any tax amount is payable then he has to pay that taxes and additional taxes @ 25% / 50%.
To avoid such kind of situation you should file your ITR before 31st December.
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Disclaimer: This article is for the purpose of information and shall not be treated as solicitation in any manner
and for any other purpose whatsoever. It shall not be used as legal opinion and not to be used for rendering any
professional advice. The author will not be held responsible for any lose, if occur after using above information.
Kindly consult your professionals before taking any action. This article is written on the basis of author’s
personal experience and provision applicable as on date of writing of this article. Adequate attention has been
given to avoid any clerical/arithmetical error, however; if it still persists kindly intimate us to avoid such error
for the benefits of others readers. The Author “CA. Shiv Kumar Sharma” can be reached at mail
–shivsharma786@gmail.com and Mobile/WhatsApp–9911303737.