2024-06-23 22:37:45
Particular person taxpayers can file returns for the present monetary yr 2023-24 until June 30 with out penalty. Nonetheless, the Nationwide Board of Income (NBR) has fastened this time not for normal taxpayers, however just for Tax Identification Quantity (TIN) holders who’re submitting returns for the primary time.
A evaluation of earnings tax pointers for the fiscal yr 2023-2024 confirmed that people or residents who’ve issued TIN certificates for work functions previously, however haven’t filed earnings tax returns, can file earnings tax returns for the primary time with out penalty till June 30. A citizen will get advantages whereas availing a number of providers by submitting the return. And in case you do not file a return even if in case you have a TIN, you can be disadvantaged of 44 sorts of providers. To avail these providers a citizen has to point out receipt of return submitting.
Word that as per the principles of the Nationwide Board of Income, the submitting of earnings tax return begins from July 1 on the finish of each monetary yr. which ends on 30 November. Particular person taxpayers are liable to pay a penalty of two p.c per 30 days for failure to file returns on time.