As the process of filing income tax
returns for the new financial year 2018-19 has started,
hence every taxpayer needs to e-file their returns before the last date of
filing ITR. Although, the Tax department has already notified all the ITR Forms from ITR 1 to ITR 7. Amidst, every tax preparer is liable to fill these
forms if they fall under any of the particular categories and depending on the
type of income. However, the last date of filing returns is July 31 & it is
not too far away. Therefore, it is
important for individuals to ensure that they avoid the late filing of returns
to evade any consequences by the statutory authority.
The tax authority has a certain set of regulations
and provisions which further comprises of consequences and charges in lieu of
late efiling
of itr. Along with efiling of
income tax return on time, it is equally important that the filing should be accurate and
complete. In light of the above, this article will help assesses to look at the
consequences of late filing and what circumstances they can face at the end of
the due date-
What happens if you file your returns late?
• Firstly,
if any individual file late returns then he has to pay a late penalty and might
even face legal action.
• If a
taxpayer misses the deadline, the penalty amount until December 31 will be Rs
5,000.
• In case
you missed December 31 deadline, and files return between January 1 and March
31, then one has to pay a penalty amount of Rs 10,000.
• Those who
will fail to file Income Tax return might face prosecution under section 276CC.
• 1%
interest rate per month will be charged on the unpaid amount.
• Apart
from this, the defaulters might even face prosecution.
• If
taxpayers are having a loss in capital gains or business and fail to pay tax on
time, they won't be permitted to carry forward the loss. Whereas, only the loss
in house property is allowed to be forwarded,"
What
is an income tax return?
Income tax is a tax imposed and collected by the
central government on the income of an individual. The income tax is calculated
at specified rates on the total income of a person and paid directly to the
central government. Thereon, if you need any information regarding efiling ITR, we provide professional
Tax experts who look after your every query.
For more details about file ITR you can visit us at
www.allindiaitr.com.
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