FOR THE KIND ATTENTION OF INCOME TAX PAYERS:
The last date for filing belated Income Tax return for the assessment year 2022-23 (Financial Year ended 31.3.2022) is *31st December, 2022*. So please ensure to file the income tax return for the Asst year 2022-23 positively by 31st December,2022, if not already filed.
*After 31st December, 2022, it will not be possible to file the return for assessment year 2022-23*
The only alternative option will be to file an updated return under section 139(8A) [subject to certain conditions and restrictions stated therein] with additional liability of 25% of the aggregate amount of tax and interest.
It may be noted that failure to file Income Tax return may lead to prosecution under section 276CC of the Act.
With the complete digitisation of all the data of every entity, it has become very easy for the income tax department to identify non filers of tax returns and to initiate proceedings against such non filers /defaulters.
It is also important to point out that Income Tax Act mandates all partnership firms, LLPs and Companies to file Income Tax return, irrespective of the fact whether such firm, LLP or the company is dormant with no activity or no transaction during the year. So, even if there is no income or no transaction during the year in any partnership firm, LLP or a company, make sure to file return of every partnership firm , LLP and Company showing Nil income before 31st December, 2022, to avoid any penal consequences.
*ALL INDIA TAX PAYERS' ASSOCIATION ( AITPA )*
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