ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If April 15 doesn’t fall on a weekend or legal holiday, you must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return on or before April 15 for your return to be considered timely if filed after April 15.

Detailed explanation-2: -The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023. Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.

Detailed explanation-3: -The maximum penalty of Rs 5, 000 will be levied if you file your ITR after the due date of 31st July 2022 but before 31st December 2022. However, there is a relief given to small taxpayers – if their total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1, 000.

Detailed explanation-4: -Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years. Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years.