Lagatar24 Desk
New Delhi: The Central Board of Direct Taxes (CBDT) has extended the deadline for filing revised Income Tax Returns (ITR) for the financial year 2023-24 to January 15. Initially, the deadline for filing ITR with late fees was set for December 31.
Taxpayers now have additional time to revise their returns, easing the pressure for those who missed the original deadline of July 31.
GST Annual Return Filing Deadline
The last date for filing the GST Annual Return (GSTR-9) for the financial year 2023-24 remains December 31. Businesses are required to consolidate and report their annual transactions through GSTR-9, GSTR-9A, or GSTR-9C, depending on their turnover and composition scheme.
Penalties for Non-Filing of GST Annual Return:
1.Turnover up to ₹5 crore:
•Penalty: ₹50 per day (₹25 each under CGST and SGST) or 0.04% of turnover.
2.Turnover ₹5 crore to ₹20 crore:
•Penalty: ₹100 per day (₹50 each under CGST and SGST) or 0.04% of turnover.
3.Turnover above ₹20 crore:
•Penalty: ₹200 per day (₹100 each under CGST and SGST) or 0.50% of turnover.
Businesses with a turnover of more than ₹2 crore must file GSTR-9. For those under the GST composition scheme, GSTR-9A is applicable, while businesses with turnover exceeding ₹5 crore must submit GSTR-9C with an additional reconciliation statement.
Taxpayers with multiple GST registrations under one PAN are required to file separate GSTR-9 returns for each GSTIN.
Penalties for Late Filing of ITR
•Taxpayers filing ITR after the deadline will be fined ₹5,000.
•For individuals with income below ₹5 lakh, the penalty is reduced to ₹1,000.
