DOWNSIDE OF BELATED RETURN

Posted Date : 15-Mar-2021 , 02:16:37 pm | Posted By CASANSAAR print

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As per rules notified under section 234F of the Income Tax Act which came into effect from 1 April 2017, filing your ITR after the due date, can make you liable to pay a maximum penalty of Rs 10,000.

** However a relief to small taxpayers, the Income Tax Department has stated that if your total income is not more than Rs 5 lakh, the maximum penalty levied for delay will only be Rs 1000.

DOWN SIDE OF BELATED INCOME TAX RETURN:-

Payment of Interest on Unpaid Tax.
Carry Forward of Loss is not allowed.
Delay in receiving refund (if any).

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So, don't wait endlessly to file your return. "Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.," says the tax department. In case of queries on e-filing of return, the taxpayer can contact 1800 180 1961, the income tax department’s helpline number.

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