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Today is the last day to send in your income tax returns (ITR) for the assessment year 2023-24. As of the most recent news, more than 6 crore ITRs had been filed as of July 30 at 6:30 p.m. The Income Tax department has asked people to file as soon as possible and stressed that the deadline will not be extended this year. If a person doesn’t file their tax returns by the due date, it could lead to fines and other problems.
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Here’s what happens when a taxpayer misses the date and doesn’t file the ITR:
Taxpayers can still file their taxes after the first deadline has passed, but they will have to pay a late fee of 5,000. All of these ITRs must be turned in by December 31. If the taxpayer’s total income is less than 5 Lakh, the penalty will only be 1,000. No late filing fees will be charged to people whose total income is less than the basic exemption limit.
Interest on amounts that are taxed
If you don’t file your return on time, the Income Tax department will charge you interest of 1% per month on the amount you owe. The interest will be based on the net taxable income, which is the amount left over after taking out TDS, TCS, advance tax, and any other tax breaks or tax credits allowed by law. In these situations, even a one-day wait costs a month’s worth of interest.
If you don’t file your tax return by the due date, you won’t be able to carry losses over to the next year. Losses under the heading “income from house property” or “unabsorbed depreciation” can be brought forward, though.
In addition to fines, people who don’t file their tax forms can go to jail. If you don’t file your taxes on time and owe or evaded more than Rs. 25,000 in taxes, you could go to jail for 6 Months to 7 years and have to pay a fine.
Only after submitting income tax returns can a taxpayer claim a refund for excess tax withheld. Taxpayers are eligible to receive interest on such excess deductions if they file their returns within the prescribed timeframe. Failure to file an ITR on time may result in a delay or the loss of a tax refund.
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