Income Tax: Those who delay in filing income tax returns should be careful. They have their last chance till 31st December. In the meantime, they should file the income tax return with a late fee of Rs 5,000, otherwise they will have to repent. You may also have to go to jail. The amount of fine may also increase after December 31. Some other complications may also have to be faced. Belated return as defined under section 139(4) applies to any income tax return not filed within the original deadline under section 139(1).
The original deadline was only till 31st July
The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) was only till July 31. Taxpayers who miss this deadline have time till December 31 to file belated returns. According to Section 234F of the Income Tax Act, now a late fee of five thousand rupees will have to be paid on filing. If you fail even after this, other complications will increase.
What will happen if you miss till 31st December
The fine for people who do not file income tax returns by December 31 will increase to Rs 10,000 on annual income more than Rs 5 lakh. Apart from this, one may also have to face legal action and financial losses in future, including limited ability to carry forward some losses. The Income Tax Department has also given the deadline for giving information about any foreign property or earnings till 31st December. Till then, if you do not give this information to the Income Tax Department, then legal action can be taken against you. You may have to pay a fine of up to Rs 10 lakh for hiding information. Not only this, in some circumstances jail can also be imposed.
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