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CBDT again extends ITR timeline to Jan 15
New Delhi: The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 was July 31, and for those who could not, the time was...
New Delhi: The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 was July 31, and for those who could not, the time was for filing a revised ITR with late fees was December 31, but now, the Central Board of Direct Taxes (CBDT) has extended this deadline to January 15.
As the last date for filing the GST annual return for the financial year 2023-24 is December 31, GST-registered taxpayers will be required to submit it to consolidate their annual transactions.
For not filing a GST Annual Return (GSTR-9), a company, with a turnover up to Rs5 crore, will have to pay a maximum penalty of Rs50 per day (Rs25 each under CGST and SGST) or 0.04 per cent of turnover.
A company with a turnover of Rs5 crore to Rs20 crore will have to pay a maximum penalty of Rs100 per day (Rs50 each under CGST and SGST), or 0.04 per cent of turnover. Similarly, a company with a turnover of over Rs20 crore will have to pay a maximum penalty of Rs200 per day (Rs100 each under CGST and SGST), or 0.50 per cent of turnover.
A business with a turnover of more than Rs2 crore will have to file GSTR-9.
GSTR-9A is for taxpayers under the GST composition scheme. GSTR-9C is for businesses with a turnover of more than Rs5 crore. An additional annual reconciliation statement is required along with GSTR-9.
Businesses with multiple GST registrations under one PAN must file separate GSTR-9 returns for each GSTIN. Taxpayers who file ITR after the deadline are fined Rs5,000. For taxpayers with an income less than Rs5 lakh, this penalty amount is Rs1,000.
