Form 1 - Pay and File Tax Return for the year ended 31 December - revenue 2025

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Yes, you can file income tax return after 31st December using ITR-U. However, you will be required to pay penalty of upto Rs. 5,000 and additional tax will be levied at 25% or 50% of the tax and interest due depending on whether the ITR-U is filed within 12 or 24 months from the end of the relevant assessment year.
You risk losing your refund if you dont file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.
For example, if an employee completes work in December but is paid in January, the income is reported on the tax return for the year in which the paycheck was received. IRS guidelines state that income is taxable in the year it is constructively received.
When are W-2s sent out? To ensure you have it in time for tax season, the IRS requires employers to send W-2 forms to their employees no later than January 31 following the close of the tax year. So, for example, by January 31, 2025, for W-2s for the 2024 tax year.
The penalty is 5% of your unpaid tax liability for each month your return is late, up to 25% of your total unpaid taxes. In addition to this penalty, the IRS typically adds on interest based on how long your tax debt is outstanding.
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People also ask

A calendar year is a one-year period between January 1 and December 31, based on the Gregorian calendar. The calendar year commonly coincides with the fiscal year for individual and corporate taxation.
What happens if you file your taxes late? The IRS filing deadline is April 15, but you can request an extension if you cant file on time. Requesting an extension helps you avoid late filing penalties, but you still have to pay any taxes you owe on time to avoid late payment penalties.

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