ITR filing: December 31 is the expiration date of several income tax deadlines. These include Vivad Se Vishwas, filing a belated return, and using a revised return to declare foreign assets and income.There are several income tax deadlines that are scheduled to expire simultaneously with the calendar year, which is coming to a conclusion in a few days. These due dates pertain to the declaration of foreign assets, Vivad Se Vishwas, and the filing of the overdue income tax return (ITR).
Let's take a closer look at each of the three:
I. Belated return filing: The income tax return (ITR) for the previous fiscal year must normally be filed by July 31. Additionally, taxpayers who do not file their income tax returns by July 31 may do so until December 31, which is three months prior to the end of the assessment year.
However, while filing a belated tax return, individuals are required to pay a modest cost. There is a ₹1,000 late filing cost for gross incomes under ₹5 lakh and a ₹5,000 late filing fee for gross incomes over ₹5 lakh.
However, a few terms and restrictions are applicable. For example, in order to be settled under Vivad Se Vishwas, the issue must be pending before a court of law. To allay taxpayers' concerns, the income tax department published a list of commonly asked questions.
III. Declare foreign income: The income tax administration had stated that taxpayers will be required to declare overseas assets and income by December 31 in order to avoid being fined ₹10 lakh. In essence, the regulation applies to taxpayers who neglected to include their overseas income on their previously filed return; as a result, they must file a revised return that includes their international income.
Under the 2015 Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, failure to disclose foreign assets and income may result in severe fines and legal action.
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