If I fail to file my save income tax  return before the set date what happens? Let's explore the consequences of late filing:

Before exploring the consequences of missing the deadline for filing income tax returns lets take a look at the due date for Income Tax Return filing for different type of person for financial year 2022-23 below:

• Individual & HUF, LLP, Partnership Firm, AOP/BOI, Co-op Soc (Non-Audit Cases ) - Due date is July 31, 2023;
• Individual & HUF, LLP, Partnership Firm, AOP/BOI, Co-op Soc (Audit Cases ) - Due date is October 31, 2023;
• Companies - Due date is October 31, 2023

• Penalty charges: Late filing of your income tax return attracts a penalty. As per Section 234F, a late fee of Rs 5,000 is applicable if you fail to file your ITR on time. However, if your annual income is below 5 lakh, the late fee is limited to Rs 1,000. Exempted from this penalty are individuals whose gross income falls below the basic exemption limit.

• Carry forward of losses: Filing your ITR on time is crucial for carrying forward and setting off losses against future profits. By declaring losses in your return, you can offset them in the coming financial year, reducing your tax liability. However, late filing results in the loss of this opportunity, except for losses related to house property.

• Interest on tax amount: If you fail to pay your taxes on time, you will be liable to pay an interest of 1% per month on the outstanding tax amount. This interest is calculated from the date of filing your return till the due date. For instance, if you pay your taxes eight months later, you will be charged 8% interest on the amount owed.

Therefore, when it comes to determination of the income tax return preparation and the timely submission of the same, then Instabizfilings can be your ideal ally. As compliance services specialists, we comprehend that time is valuable and it is necessary to minimize the amount of chiming which is why our compliance services are carefully planned and most effectively provided.

Our team of professionals understands the Indian laws and regulations relating to save tax in India so that returns can be file properly and in time. Professional and timely filing of your tax returns are guaranteed if you leave this process to our competent personnel at Instabizfilings. No more missed deadlines to stress about, let our professional and experienced staff help you with filing your taxes. Knowledge of the ramifications of not filing their income tax on time permits will enable you to go around unnecessary penalties and loss of certain privileges. Be updated and set reminders on compliance to be able to have a smooth financial ride.

Disclaimer

The information provided in this blog is purely for general informational purposes only. While every effort has been made to ensure the accuracy, reliability and completeness of the content presented, we make no representations or warranties of any kind, express or implied, for the same. 

We expressly disclaim any and all liability for any loss, damage or injury arising from or in connection with the use of or reliance on this information. This includes, but is not limited to, any direct, indirect, incidental, consequential or punitive damage.

Further, we reserve the right to make changes to the content at any time without prior notice. For specific advice tailored to your situation, we request you to get in touch with us.