The Income Tax Department has also issued a reminder to those who fail to meet the deadline for filing their Income Tax Returns ( ITR ). With the deadline fast approaching, taxpayers are urged to take immediate action to avoid severe penalties and consequences.
Missing the ITR filing deadline can result in hefty fines, interest, and even prosecution. Stay ahead of the deadline and ensure compliance with tax laws to avoid last-minute hassles and financial losses.
The post of the income tax department in its ‘X’ official account was colorful, where it mentioned about the positive side of paying taxes for the country and also the negative shade of imposition of penalties if the deadline is not met.
“Your tax fuels India’s Progress”, says in the Post. Another wording states that “File your Income Tax Return to boost India’s Growth Engine”. Both have the same meaning, that is the development of a nation.
Also read: No ITR Filing Deadline Extension: Income Tax e-Filing Portal works Fine Now, says CBDT Chairman
Following Consequences and mentioned by the income tax department for not filing income tax returns on time:
The department also clarified that that Filing of Income Tax Returns in time also helps taxpayers in various ways like:
Also Read: [TAXSCAN 360] ITR Filed? Know Complete Details on Income Tax Refund
Under Section 234A, if you miss the deadline for filing your ITR, you will have to pay interest on any outstanding taxes. This interest is charged from the day after the deadline until the day you file your taxes. It also restricts carry forward losses.
The tax department has also informed the taxpayers to check the Form 26AS, AIS and other relevant documents before submission and also wanted not to claim wrongful deductions and exemptions. The last date to file ITR not required audit is 31st July 2024.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
