ITR Filing: Taxpayers who fail to file their ITR by the deadline may face a penalty of Rs 5000 under section 234F. However, for persons earning less than Rs 5 lakh per annum, the amount of fine will be Rs 1000. At the same time, ITR can be filed till 31 December 2023 by paying late fees.
Income Tax Filing: The due date for filing Income Tax Return (ITR) for salaried people ended on 31 July 2023. However, even after this date, there are still many people who have not been able to file their income tax returns.
In such a situation, if people’s salary is taxable and they are not able to file income tax return by the due date, then they may also get a shock. Actually, such people can be fined under late fees and can also be jailed.
If you missed the July 31 deadline
It is highly advisable to file income tax return on time to avoid last minute mistakes. However, if you have missed the prescribed deadline, then you may have to face some consequences. The person who is earning and misses filing ITR within the due date, then he will have to pay the late fee.
Late fee
Taxpayers who fail to file their ITR by the deadline can face a penalty of Rs 5000 under section 234F. However, the amount of fine will be Rs 1,000 for individuals with an annual income of less than Rs 5 lakh. At the same time, ITR can be filed till 31 December 2023 by paying this late fee.
Could be jail
At the same time, the Government of India has the power to initiate prosecution against those salaried individuals who have missed filing ITR by 31 December 2023. The current Income Tax rules provide for a minimum of 6 months’ imprisonment and a maximum of 7 years’ imprisonment.
It is not that the department can initiate a case against you in each and every case of failure to file ITR. Prosecution can be initiated only if the amount sought to be evaded tax exceeds Rs.10,000.
