Consequences of Filing ITR After the Due Dates

test


	Home About Services Accounting for MSME Accounting for Startups Company Incorporation GST Registration GST Filling Income Tax Advisory Income Tax Filling Non Resident Taxation Third Party Audit Services TDS Advisory Virtual CFO Services Blog Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Installment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund SIP CALCULATOR Lumpsum CALCULATOR Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Direct Tax Vivad Se Vishwas Scheme Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 Company Secretaries Act, 1980 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply Query Careers Admin Login Email Login Time Sheet Contact Us


	Blog Categories All ca (1) Income Tax (1) Income Tax Act (10) Consequences of Filing ITR After the Due Dates Category: Income Tax Act, Posted on: 15/06/2024 , Posted By: Team Visitor Count:102 Filing your Income Tax Return (ITR) on time is crucial. Here's why: Financial Penalties: Interest Charges: Delaying your ITR means paying interest (Section 234A) at 1% per month on unpaid taxes, accruing from the due date until filing or assessment completion. Late Filing Fees: The Income Tax Department levies a penalty (Section 234F) for late filing: ₹5,000 for returns filed before December 31st of the assessment year. A reduced penalty of ₹1,000 applies to taxpayers with income below ₹5 lakh. Loss of Carry-Forward Losses: Not filing on time can restrict carrying forward business losses or other income-based losses to offset future taxes. Serious Consequences: Penalties and Prosecution: In severe cases, the department can impose harsher penalties or even prosecute for willful neglect to file. Higher TDS for Non-filers of ITR: Section 206AB - This section applies to payments made to a Specified Person. In such cases, the deductor is required to deduct TDS at a higher rate: Double the normal rate applicable to that specific transaction. OR a minimum of 5%, whichever is higher. Higher TCS for Non-filers of ITR Section 206CCA -: This section applies to Tax Collected at Source, where the seller is a "Specified Person", then the buyer who is supposed to collect TCS is required to deduct it at a higher rate: Double the normal rate applicable to that specific transaction. OR a minimum of 5%, whichever is higher. Key Term Specified Person: A specified person under Section 206CCA & 206AB is defined as someone who has not filed their income tax return for the previous year in which the due date for filing the return of income under section 139(1) has expired, and the aggregate of TDS and TCS is ₹50,000 or more in that previous year. However, it excludes: A non-resident who does not have a permanent establishment in India. Persons who are not required to furnish the return of income and are notified by the Central Government. Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose. To Activate comments you need to provide details for google authentication and facebook authentication

12843 Times Visited