ITR: If you pay income tax, then there is great news for you. The rules for filing income tax have changed. Do this work before 31st.
The last date for filing income tax return is 31 July. If you have not yet filed ITR (ITR Filing Rules), then do it quickly. Otherwise you will have to face the consequences. Timely filing of returns would be considered good.
But if you file income tax return after the deadline, you will have to file belated return. For which also you are given a time limit by the Income Tax Department. But along with this you will also have to pay the penalty.
How much fine will have to be paid?
First of all, if we talk about the fine, then if your income is less than five lakh rupees, then you will have to pay a fine of one thousand rupees. If your income is more than five lakh rupees, then the amount of fine will increase to five thousand rupees. Along with this, you will not get the benefit of many deductions and exemptions. Due to which your tax burden will increase.
That means you will have more loss in this too. Time from 31 July to 31 December is given by the Income Tax Department for filing belated i.e. late returns. If even then you have not filed the income tax return, then ten thousand rupees will be taken from you as a fine. So it is better to file returns before 31st July to avail income tax exemptions and deductions.
Interest will have to be paid along with the fine
If your income is taxed and you are not able to file the return by the deadline, interest will have to be paid at the rate of 1 percent every month until you file the return. If you under-declare your income while filing income tax, you will have to pay a penalty of 50 percent and 200 percent for misrepresenting your income. If you don’t file any income tax even after giving repeated notices, then in such a case there can be imprisonment of three years to seven years.
If the salaried people fail to file the tax return, then they will not get the benefit of the new tax regime. In the new tax regime, income up to Rs 7 lakh was kept tax free. A major disadvantage of filing late return is that even if you are going to get tax refund, you may have to face inconvenience in it. Along with this, the attention of the officials of the Income Tax Department will come towards you. Because of which you can come under investigation or inquiry.
