CBDT Prolongs Revised ITR Deadline to January 15
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New Delhi, Dec 31 (NationPress) The final date for submitting an Income Tax Return (ITR) for the fiscal year 2023-24 was originally set for July 31. Those who failed to meet this deadline were allowed to file a revised ITR with late fees by December 31, but the Central Board of Direct Taxes has now extended this deadline to January 15.
Additionally, the deadline for filing the GST annual return for the fiscal year 2023-24 also falls on December 31. Taxpayers registered under GST must submit this return to summarize their annual transactions.
Companies that do not file a GST Annual Return (GSTR-9) and have a turnover of up to Rs 5 crore will incur a maximum penalty of Rs 50 per day (comprising Rs 25 each under CGST and SGST) or 0.04 percent of their turnover.
For companies with a turnover ranging from Rs 5 crore to Rs 20 crore, the penalty escalates to a maximum of Rs 100 per day (with Rs 50 each under CGST and SGST), or 0.04 percent of their turnover. Likewise, organizations exceeding Rs 20 crore in turnover face a maximum penalty of Rs 200 per day (comprising Rs 100 each under CGST and SGST) or 0.50 percent of their turnover.
Any business with a turnover surpassing Rs 2 crore is required to file GSTR-9.
Taxpayers under the GST composition scheme should file GSTR-9A, while those with a turnover exceeding Rs 5 crore must file GSTR-9C, which necessitates an additional annual reconciliation statement.
Businesses that hold multiple GST registrations under a single PAN must submit separate GSTR-9 returns for each GSTIN.
Taxpayers who file their ITR beyond the deadline face a penalty of Rs 5,000. However, for those with an income under Rs 5 lakh, the penalty is reduced to Rs 1,000.
