Income Tax Return Filing: Know Penalty & Other Impact If You Don’t File ITR By July 31

 


If the ITR is filed after December 31, 2023, the penalty amount will be Rs 10,000.

ITR Filing 2023: Every Assessment Year (AY) the government provides taxpayers with a four-month window to consolidate their income details for the relevant fiscal year and file their ITR properly. The four-month period begins on April 1 and concludes on July 31 (unless extended). If you do not file your ITR by the deadline, then you will have to pay the penalties and you may also receive notice from the Income Tax Department.

Also Read : ITR filing deadline: Rs 5,000 penalty to 7 years of jail, if taxpayers fail to do it before July 31

There are a number of deductions and exemptions that you can claim on your ITR, which can reduce your tax liability. For example, you may be able to deduct medical expenses, insurance and home loan interest.

Here are the possible consequences if you miss filing ITR by the deadline of July 31:

Penalty for missing ITR deadline

Taxpayers who miss the deadline have an option to file a belated ITR. The last date of filing belated ITR is December 31 for FY 2022-23 (AY 2023-24). If ITR is filed after the due date (which is July 31) and on or before December 31, then a late filing fee will be levied.

As per Section 234F of the Income Tax Act if you file your ITR after the due date of July 31, but before December 31, 2023, you will face a maximum penalty of Rs 5,000.

Those who have a total income of up to Rs 5 lakh will have to pay a penalty of Rs 1,000.

If the ITR is filed after December 31, 2023, the penalty amount will be Rs 10,000.

Penal Interest

If you have any outstanding tax liability, you will be charged punitive interest on the amount, as applicable in your circumstances, if you file a late return. If no tax is due, then the taxpayer will not be required to pay this interest solely because of the late submission of the ITR.

Read More:-No pension for ‘premature’ army retirees, veterans; case goes to AFT

If a person deliberately fails to file a return after receiving notifications, the income tax officer may commence prosecution procedures. The imprisonment might range from three months to two years for not filing ITR.

If the tax evasion amount exceeds Rs 25 lakh the imprisonment could be from 6 months to 7 years.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more