Income Tax: Those who delay filing income tax returns should be careful. They have the last chance till 31 December. In the meantime, they should file income tax returns with a late fee of five thousand rupees, otherwise they will have to regret it.
They may also have to go to jail. The amount of penalty may also increase after 31 December. Some other complications may also have to be faced. The belated return defined under section 139(4) applies to any income tax return not filed within the original time limit under section 139(1).
The original deadline was till July 31
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 missed 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 missed even after this, other complications will increase.
What will happen if you miss it till 31 December?
For those who do not file income tax returns by 31 December, the penalty on annual income of more than Rs 5 lakh will increase to Rs 10,000. Apart from this, legal action and financial loss may also have to be faced in the future, including limited ability to carry forward some losses. The deadline for giving information about any foreign property or income has also been given by the Income Tax Department till 31 December.
If you do not give this information to the Income Tax Department till then, legal action can also be taken against you. A fine of up to Rs 10 lakh may also have to be paid for hiding information. Not only this, in some circumstances, jail can also be done.
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