look news india
Penalty for not filing ITR: The Income Tax Department said that more than 7 crore taxpayers have filed income tax returns till 7 pm on Wednesday, July 31. Out of which more than 50 lakh ITIRs were filed on the last day only. The last date for filing income tax returns for the financial year 2024 was July 31. The Income Tax Department has posted on the social media platform X that till now (July 31) more than seven crore people have filed income tax returns. In which more than 50 lakh ITRs have been filed today. Last year more than 6.77 crore people had filed ITR.
Revenue Secretary Sanjay Malhotra said that six crore ITRs were filed for the financial year 2023-24. Out of which 70 percent returns have been submitted under the new tax system. The goal of the new tax system is to reduce the burden of rules by simplifying the tax process. A comprehensive review of tax laws is being done.
What is the punishment for not filing income tax returns?
The last date for filing income tax returns was 31 July. If a taxpayer has not filed the return by this date, then he can file the return by 31 December with a penalty. This is known as a delayed income tax return. For which a penalty will have to be paid. According to Section 234 (F) of the Income Tax Act, 1961, late filing of returns will attract a penalty of 1 per cent interest per month on taxable income.
Penalty Rate
As per Section 234 (F) of the Income Tax Return Act, taxpayers filing late returns have to pay a penalty as per their annual income. If the taxpayer's annual income is Rs. 5 lakh or less, he will have to pay a penalty of Rs. 1000 and if the annual income is more than Rs. 5 lakh, he will have to pay a penalty of Rs. 5000.
What is the provision for not filing income tax return?
Those who do not file income tax returns have to face serious consequences. One is that he cannot carry forward his losses of the current assessment year. He will have to pay a penalty. Apart from this, depending on the tax rate, those with high income may have to face legal action and jail sentence for not filing returns. Those who do not file returns may face problems in taking loans and going abroad.
