Did not file ITR? Not just fined, be ready for these 5 difficulties:

News India Live, Digital Desk: Income Tax Notice: As soon as the season of filing income tax return (ITR), it becomes a headache -like task for many people. ‘Will do it tomorrow’, ‘There is a lot of time now’-while thinking this, the last date often comes on the head. Many people even miss the last date and think what will happen as much, only a little fine will be imposed!

If you think the same, then you are making a very big mistake. Not filing of ITR time is not limited to just fine. It brings many such troubles with it that can be overwhelming on both your pocket and mental peace. Let us know what to miss the deadline of ITR actually means.

1. Penalty is sure (Penalty)

This is the most straightforward and first effect. If you file ITR after the last date, you are fined under Section 234F of the Income Tax Act.

• If your total income is more than Rs 5 lakh, then you ₹ 5,000 Will have to pay a fine of.
• If the income is less than Rs 5 lakh, then this fine ₹ 1,000 It happens.

This is just the beginning, real troubles now begin.

2. Interest on tax due of interest

If you have a tax liability (ie you have to pay tax to the government), then you cannot escape by just paying fine. From the day the last date came out, the meter of interest on your outstanding tax amount is turned on. Under section 234A, you have to pay interest at the rate of 1% every month, unless you pay the entire tax.

3. Forget the loss (Loss Carry Forward)

This is one of the biggest disadvantages, which most people do not know. If you have suffered losses in business or capital gains in a year, then you can take that loss forward for the next 8 years and save your tax by adjusting from future profits.

But there is a condition for this – you have to file your ITR on time. If you delay even a day, you will lose your right to take this loss forward (except for the loss of house property). This can cause loss of thousands of millions.

4. Refund delay (delayed refund)

Many people fill ITR because their TDS is more cut and they have to take refund from the government. If you do not file the return on time, your refund will also be stuck. The department processes the case of those who file on time instead of late filing. Meaning, you will get the money of your hard work late.

5. Increased scrutiny

Not fileing ITR on time makes you an irresponsible taxpayer in the eyes of the Income Tax Department. This increases the possibility that in future your case is selected for scrutiny or you get any notice from the department. It is like inviting an unnecessary mental trouble.

Therefore, do not make the mistake of understanding ITR just one form. This is a very important document related to your financial health. Filing it on time is not only a legal responsibility, but it is in your own interest.