Day 1 of the first Test between India and Sri Lanka in Galle witnessed a scary moment as KL Rahul 's shot struck Nishan Madushka on the helmet. After winning the toss, India skipper Shubman Gill opted to bat first as the visitors began their 600th Test match. Openers KL Rahul and Yashasvi Jaiswal looked in fine touch and provided India with a solid start. However, during the 10th over, bowled by Prabath Jayasuriya , Rahul's shot crashed into Madushka, leaving players and spectators stunned. On the fifth ball of the over, Rahul attempted a low sweep. Madushka, stationed at short leg, realised he was in trouble and tried to duck, but the ball struck the centre of his helmet. The impact immediately prompted Sri Lanka's team physio to rush onto the field. Seeing Madushka down, Rahul initially hesitated before taking a single, but Jaiswal had already crossed halfway down the pitch, leaving him with no option but to complete the run. Afterward, Rahul immediately went over t...
If you haven't filed your Income Tax Return (ITR) yet, it's your last chance to do so without incurring penalties. The deadline for most taxpayers, particularly salaried individuals, pensioners, and small businesses not requiring an audit, is Monday, September 15.
Earlier, the date was extended from July 31 to give taxpayers more time. Now, the window is about to close. Missing the deadline carries financial and procedural consequences.
Penalties If You Miss The ITR Deadline
If a taxpayer fails to file their ITR by the due date, the law allows for the filing of a belated return.
For the current financial year, belated returns can be submitted until December 31. This comes at a cost. Under Section 234F of the Income Tax Act, late filers must pay a penalty fee.
If the total income is up to Rs 5 lakh, the penalty is capped at Rs 1,000. For individuals earning more than Rs 5 lakh, the penalty rises to Rs 5,000.
Beyond this, if any tax is due, the taxpayer will also be liable to pay interest for the delay in payment.
If you miss the filing deadline for taxes due, Section 234A of the Income Tax Act imposes simple interest at 1 per cent per month, or part thereof, on the unpaid amount until the return is filed.
Missing the deadline also limits certain tax benefits. Belated filers cannot carry forward specific types of losses, such as capital or business losses, to future years.
In some cases, deductions or exemptions may not be available if the return is filed late. Taxpayers may also lose the flexibility to switch between the old and new tax regimes after the due date.
Another drawback is the delay in refunds. Those who are entitled to a refund will receive it later than timely filers.
Steps Taxpayers Should Take Immediately
- Collect all necessary documents - Gather Form 16, Form 26AS, the Annual Information Statement (AIS), bank interest certificates, and proofs of investments or deductions.
- File through the e-filing portal - Submit your return as soon as possible to avoid last-minute rush or portal slowdowns.
- Verify your return - The ITR must be verified electronically or physically within the prescribed time to be valid.
from NDTV News- Special https://ift.tt/gAvi6Y8
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