ITR Filing Deadline Date:: The date for filing income tax returns has been extended to September 15. Know what will happen if you do not file your returns by this date.
ITR Filing Deadline Date: The Income Tax Department had already extended the ITR filing. While earlier it had to be filled by 31 July, now ITR can be filed till 15 September. The department had given this information through ex-post in May itself. But it is important to keep in mind that the deadline for tax audit is still 30 September.
Data shows that at least 3 crore taxpayers have not filed their returns yet. If you are also included in this, then file ITR in the next 12 days. If you miss this, then you can face a lot of trouble along with many types of penalties.
What happens if ITR deadline is missed?
Late fine will have to be paid
If you do not file your ITR by the date given by the Income Tax Department, then you will have to pay a late fee for it. Under section 234F, if your income is 5 lakhs or more, then you may have to pay a late fee of Rs 5000 and if it is less than this, then you may have to pay a late fee of Rs 1000.
Interest on late fee
Under section 234A, if you file ITR after the deadline, then you will also have to pay interest. This interest will be charged at the rate of 1 percent per month. The counting of the month will start as soon as the last date ends.
No exemption will be available
The exemption facility available for not filing ITR within the stipulated time also ends. This provision comes under section 139 (1) of the Income Tax Act.
Penalty up to 50%
There is also a provision of penalty for filing late ITR under section 270A. If you have taxable income then this penalty will be 50% of the savings you have saved by not filing returns.
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