What are the damage to not file it till the ITR fixed date? If you understand now, stay in profit

It is only prudent to deal with any financial work for a fixed deadline or due date. In the case of Income Tax Return (ITR), it is also sensible that you file it. Generally, 31 July is fixed on 31 July, but the government has extended the last date of ITR filing this year from 31 July to 15 September 2025. That is, you have to complete this work till this date. If you do not do this, you may also have to bear its loss. Come, here we discuss it.

Late filing fee of Rs 5,000 will have to be paid

According to the Income Tax Rules, according to Section 234F, late filing of Rs 5,000 will have to be paid for delay in filing returns after the due date under Section 139 (1). However, if the total income of the person is not more than Rs 5 lakh, then the payment fee will be Rs 1,000 due to the delayed delay.

This action may be

According to Cleartax, if a person fails to file returns intentionally even after issuing the notice, the Income Tax Officer can initiate prosecution proceedings. The duration of imprisonment in this can range from three months to two years. It also includes fines. If your tax is high, the prosecution period may increase by seven years.

Penalty may have to be given

The Income Tax Officer can impose a fine of up to 50% of the tax payable in case of low income. Apart from the fine imposed by the IT department, there are other results that the taxpayer may have to face for delay in filing returns.

Will be unable to set losses

In addition to the loss of house property, the loss caused is not allowed to be taken forward in later years. If the return is not filed within the due date, you cannot set these disadvantages against future benefits. By the way, if there are disadvantages under the house property, the damage is allowed to be taken forward.

Will have to pay interest

In addition to the fine on the delay, interest will be imposed at the rate of 1% per month or its share on tax payable till the payment of tax under Section 234A. Under this rule, the calculation of interest will start from the coming date immediately after the payable date. Understand that the more you wait, the more you will pay.

Late refund

If you are entitled to refund from the government for the additional tax paid, then you have to file a return before the date payable to get your refund as soon as possible.

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