ITR Filing: The deadline for filing an income tax return is today, July 31, often known as that day. You should still file an ITR even if you are not subject to income tax. The advantages of timely ITR filing are numerous. However, if you forget to file your ITR, you could lose a lot of money. You will also be required to pay a fine for filing an ITR after today’s deadline has passed. Tell you what, the government is not in the mood to extend the ITR filing date this time. He has stated categorically that the filing deadline for income tax returns will not be extended this time.
Understanding Late Filing Penalties
You have until December 31, 2023, to file your income tax return if you don’t file it by July 31. However, there’s a chance that you’ll also get fined for it. Let us inform you of the potential fine amount. Late filing penalties apply to those who submit their income tax returns after July 31. An individual must pay a late fine of Rs 5,000 if their annual income exceeds Rs 5 lakh. A taxpayer must pay a late fee of Rs. 1,000 if his yearly income is less than Rs. 5 lakh. Up until December 31, 2023, the option of filing a return late with a penalty will be accessible.
Compliance, Taxes, and Avoiding Legal Consequences
Remember that filing an ITR is not the same as paying taxes. If you have taxable income, you must pay taxes annually, but even if you don’t, you still need to file an ITR. Not only is failing to pay taxes against the law, but failing to file an ITR is also punishable. Legal action is taken against a person if they fail to file their ITR in spite of notices received under sections 142(1)(i), 148, or 153A. This carries a potential punishment of 3 months to 2 years in jail as well as a potential fine.
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