If you don’t file your income tax return in India by the deadline of July 31, you may face the following consequences:
Can I file my ITR after 31 July?
What happens if ITR is not filed before 31st July
Late filing fees:You will be liable to pay a late filing fee of Rs. 5,000 if your total income exceeds Rs. 5 lakh. If your total income is less than Rs. 5 lakh, the late filing fee will be Rs. 1,000.
Interest on tax due: You will also be liable to pay interest on any tax that is due, at the rate of 1% per month or part thereof.
Loss of interest on refund: If you are entitled to a refund, you may lose out on the interest that would have accrued on the refund amount if you had filed your return on time.
Penalty for non-filing: In some cases, you may also be liable to pay a penalty for non-filing of your return. The penalty amount will depend on the circumstances of your case.
Criminal prosecution: In the most serious cases, you may also be liable to face criminal prosecution for non-filing of your return. However, this is unlikely to happen unless there are other factors involved, such as tax evasion.
It is important to note that the consequences of not filing your income tax return can be serious. If you are unsure about whether or not you need to file a return, you should consult with a tax advisor.
Here are some tips for avoiding the consequences of not filing your income tax return:
File your return on time. The deadline for filing your income tax return is July 31 for the financial year 2022-23.
Keep good records. You will need to keep accurate records of your income and expenses in order to file your return.
Use a tax preparation software. There are many tax preparation software programs available that can help you file your return accurately and on time.
Consult with a tax advisor. If you are unsure about your tax obligations, you should consult with a tax advisor.
