ITR Filing Last Date: It is mandatory for every taxpayer living in India to file ITR. If a person comes under the purview of income tax and is not paying tax, then he may have to face a heavy penalty. Along with this, if someone files ITR late, then he also has to pay a heavy penalty.
ITR Filing Last Date: This time the Income Tax has extended the date of filing ITR from 31st July to 15th September. Taxpayers are filing ITR now to avoid any hassle at the end. If any person files ITR after 15th September, he may have to pay a heavy penalty.
What is the problem?
If a person files ITR after the due date, he may have to pay a heavy penalty. Apart from paying the penalty, he also has to bear many losses. Let us know about them.
- Impact on the financial history of the taxpayer.
- Difficulty in loan application.
- Having trouble claiming a refund.
- There may also be problems in getting a visa.
How much will the fine be?
- Annual income penalty
- Less than 5 lakh Rs 1000
- Above 5 lakh Rs 5000
Similarly, if any taxpayer has outstanding tax dues, he may have to pay 1 per cent interest every month.
Keep these things in mind while filing ITR
It is also very important to choose the right form. Currently, ITR-1, ITR-2, ITR-3 and ITR-4 are available for filing ITR. Get information about all these forms. After this, choose the one that is suitable for you.
Choose either the old tax regime or the new tax regime. For this, you need to evaluate both of them. Many types of exemptions are available in the old tax regime. These exemptions are not included in the new tax regime.
At the same time, keep in mind that you have filed ITR before the deadline. Along with this, take special care of e-verification. If you know all these things, you will not face any problem while filing income tax.
Most Read Articles:
- Income Tax Rules: Everyone’s income up to ₹12 lakh will not be tax free, heavy tax will be levied on them! know the rules
- Post Office FD Scheme: Deposit ₹ 6,00,000 in Post Office and get fixed interest of ₹ 2,69,969, know the details of the scheme
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
