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The main date of filing income tax return (ITR), ie 31 July, has gone out. Many people filled their ITR on time, but there are millions of people who missed this deadline. If you are also among those people, then this news is enough to raise your ears.
The government is giving you another last chance, but this opportunity comes with a ‘warning’. If you 15 September Even if he does not file his ITR, the matter will not only stop the fine, but can be even more serious.
Why is 15 September such a necessary date?
Even though you can file late ITR (Bilated Return) by 31 December, the attitude of the Income Tax Department may be strict for you by not filling it by 15 September. After this date, the department can speed up the process of sending the notice and you will lose many benefits.
So what if you did not fill ITR till 15 September?
1. First of all you will be fined:
If you have missed the deadline, then the penalty is sure to be imposed.
- If your annual income is more than Rs 5 lakh, then you ₹ 5,000Will be fined
- If the income is less than 5 lakhs, then this fine ₹ 1,000will be.
This is the amount that you have to give, whether you fill today or tomorrow.
2. Meter of interest will continue to run:
As long as you will spend in filling ITR, your tax arrears 1% per month Interest will increase at the rate of. That is, the delay, the more on your pocket. It is above fine and late fees.
3. Big disadvantages that you probably don’t know:
Not only the money will go, but you will also lose some big benefits:
- If you have any loss in the stock market or business, then you will not be able to adjust it with the profits of the next years. Those who do not fill in ITR time lose this facility.
- If a tax refund is made, then you will also get it late, and the interest received on it will also be lost.
4. Can you really be jailed?
Now come to the biggest question. It is natural to be afraid to hear the word ‘jail’. But it is important to understand it correctly.
Nobody is sent directly to jail only after filing ITR late. Jail comes when the matter comes Deliberate tax evasion Ho, you have not responded to the notice repeatedly and it is proved that you have tried to cheat the government. This is a long legal process. But it starts only by not filling ITR and ignoring the notice.
Therefore, do not take this warning lightly.
Do not delay! If you have not been able to fill your ITR till now, do not wait for September 15. Today, with the help of an expert or file your ITR by yourself. This will not only protect you from heavy fines and legal hassles, but will also relax to be a responsible citizen.
