Another big news is waiting for taxpayer’s. Those who delay filing income tax returns should be careful. He has the last chance till December 31. In the meantime, they should file income tax returns with a late fee of Rs 5,000, otherwise they will have to regret it. You may also have to go to jail. After December 31, the amount of fine may increase. Some other complications may also have to be faced. The late return as defined under section 139(4) is applicable to any return of income not filed within the original time limit under section 139(1).
The original deadline was July 31
The deadline for filing income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) was till July 31. Taxpayers who miss this deadline have time till December 31 to file delayed returns. According to Section 234F of the Income Tax Act, a late fee of Rs 5,000 will now have to be paid on filing. Even after this, other complications will increase.
What will happen if you miss even 31 December?
For those who do not file income tax returns till December 31, the penalty will increase to Rs 10,000 for annual income of more than Rs 5 lakh. It could also lead to further legal action and financial losses, including limited ability to offset some losses. December 31 has also been given as the deadline for filing information about any foreign assets or earnings by the Income Tax Department.
Till then, if you do not give this information to the Income Tax Department, then legal action can also be taken against you. A fine of up to Rs 10 lakh may also have to be paid for hiding information. Not only this, but in some circumstances, there can also be jail.
