CA Umesh Sharma
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Arjuna (Fictional Character): Krishna, the due date for filing of Income Tax Return for Individuals is 31st July, but still, many people around the nation have not filed their Income Tax Return. What are the implications of not filing the ITR on time? Krishna (Fictional Character): Arjuna, not fili
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FAQ :
If you don't file your ITR by the 31st July deadline, you may incur a late fee under Section 234F, pay interest on any outstanding tax under Section 234A, lose out on interest for refunds, and be unable to carry forward certain losses. Penalties and prosecution are also possible in serious cases.
A late fee of ₹5,000 is applicable if you file your ITR after the due date but before 31st December. However, for taxpayers with a total income up to ₹5 lakh, the maximum late fee is restricted to ₹1,000.
Yes, if you have a tax liability and file your ITR late, you will have to pay interest at 1% per month or part of a month on the unpaid tax amount until the return is filed, as per Section 234A.
No, losses under most heads of income cannot be carried forward to subsequent years if the ITR is not filed by the original due date. The exception is loss from house property.
Yes, you can file a belated return after the deadline. However, penalties and interest will still be applicable. The deadline for filing a belated return for FY 2023-24 is 31st December 2024.
If your income is below the exemption limit (below Rs 2,50,000) and TDS has been deducted, you cannot claim a refund of the TDS if you fail to file your return by the belated return deadline of 31st December 2024.
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