Everyone who has income is supposed to pay Income Tax in India. There are chances that, you may have not filed the ITR for the previous Financial Years. Do not make the mistake that you have been making since ages. Now is the time to file Income Tax return, if you haven’t filed it, the last date to file Income Tax Return is 31st July 2018 for the Financial Year 2017-18 that is Assessment Year 2018-19.
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What is the solution for the people who never filed their ITR (Income Tax Return) in the previous years: –
Irrespective of your previous Income Tax Records, it is never too late for you to file ITR, as there are several serious consequences if you fail to file your Income Tax Return. Depending on the taxpayer’s taxable income and extent of delay in filing income tax returns, one has to pay a mandatory penalty of Rs1000/Rs5000/Rs10,000 which will be applicable for delays in filing tax returns for Financial Year 2017-18 onwards, the penalty of Rs 5,000 which was applicable in the past was not levied in all cases.
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As per the Income tax law, taxpayers can only file a belated tax return, that is a tax return filed after the filing deadline, by 31st March of the assessment year that is the year following the financial year. Even if a taxpayer has missed this deadline for filing of a belated income tax return, then in that case it is advisable to deposit the outstanding taxes into the Government treasury along with applicable interest for the same.
What are consequences, of late filing of ITR?
Other than the mandatory penalty, the taxpayer will have to pay an interest of 1% on the balance tax payable for each month of the delay in filing of income tax return will be levied on the taxpayer. Moreover, in case of a belated ITR, the taxpayer is robbed off their ability to carry forward certain losses in business to the next assessment year.
