38.6c New Delhi, India, Friday, March 29, 2024
Executive

What Happens When We Don’t File our Income Tax Return (ITR)

By RISHA DIXIT      14 August, 2020 03:20 PM      3 Comments
What Happens When We Dont File Income Tax Return

As we are now suffering from a pandemic that is affecting our lives in many ways, the Government is trying to help us by providing us with more time to pay tax and by extending relief from various taxes. 

The deadline to pay the Income Tax Return by the Income Tax department has also been extended for the year. In line with this, let us understand the legal provision in the filing of the income tax return and the implications of failing to file it within the deadline.

Existing Laws On ITR-

As per the law, we cannot file the ITR two times in a year. For 2019, the due date for filing the ITR was 31st March 2019 for everyone except for those who come under special provisions.

Due to the pandemic, the deadline for filing the ITR has been extended various times. First, it was 31st March 2020 and then 31st June 2020, but the government may not further extend the deadline as the unlock process has been started and all the other activities will also resume per usual soon.

So, this is the right time to file the ITR and avail the benefits that have been given by the government. 

If we fail to follow the deadline now, we may have to face many repercussions like paying the late fee of Rs 10,000/- unless the income is less than 5 lacks in which case the late fee. is restricted to Rs 1000/-. 

In addition to the late fees, we would also have to pay the interest on the late payment of unpaid taxes as well as on the late filing of the ITR.

What if the Govt will not Extend the Deadline Further and We Failed to File The ITR?

The government has all the records of our transaction, so if we fail to file the ITR, we will have to face very serious repercussions. The tax department can levy a penalty of 50% of the tax. In addition to this liability, we will also have to pay the interest to date.

Further, the Income Tax Department can launch a prosecution against us for not filing the ITR and subject us to three years of imprisonment which can be extended up to seven years. 

What Is Income Tax Return (ITR)?

The Income Tax Return ( ITR) is the document that we file with the income revenue services, in which the income tax board reports the income, process, losses of the business, other deductions, and the details about one’s tax liability or tax refund.

 



Share this article:



John Doe
Platinum Accounting Nov 28, 2020

It’s clear that sales tax for online business can be incredibly complex, with rules and rates differing from state to state and product to product. With the right tax calculation tools on your business’s side, it’ll be easy to keep track of any tax obligations your business has accrued. Thanks

John Doe
Platinum Accounting Nov 28, 2020

It’s clear that sales tax for online business can be incredibly complex, with rules and rates differing from state to state and product to product. With the right tax calculation tools on your business’s side, it’ll be easy to keep track of any tax obligations your business has accrued. Thanks

John Doe
tax return melton Aug 22, 2020

tax-related identity theft has grown significantly. The IRS, the Iowa Department of Revenue, state and federal consumer protection agencies, and taxpayers have all fought back. But tax-related identity theft remains a threat. Thanks

Leave a feedback about this
TRENDING NEWS

arvind-kejriwals-plea-for-interim-release-rejected-by-delhi-high-court
Trending Judiciary
Arvind Kejriwal's plea for interim release rejected by Delhi High Court [Read Order]

Delhi High Court rejects Arvind Kejriwal's plea for interim release in money laundering case related to liquor policy scam, pending ED's response.

28 March, 2024 10:50 AM
youtuber-strings-plea-against-youtube-accounts-suspension-andhra-pradesh-hc-issues-notice-to-centre-google
Trending Top Stories
BREAKING: Youtuber String’s plea against Youtube accounts suspension: Andhra Pradesh HC issues notice to Centre, Google

Andhra Pradesh High Court issues notice to the Centre and Google LLC on Youtube journalist String’s plea against suspension of its accounts by Google (which owns Youtube).

28 March, 2024 11:26 AM

TOP STORIES

delhi-liquor-scam-court-remands-arvind-kejriwal-to-ed-custody-till-march-28-read-remand-application
Trending Judiciary
Delhi liquor scam: Court remands Arvind Kejriwal to ED custody till March 28 [Read Order]

Delhi liquor scam: Arvind Kejriwal remanded to ED custody till March 28. Court grants agency permission for interrogation in liquor policy case.

23 March, 2024 11:53 AM
sc-dismisses-centres-plea-for-review-of-judgment-directing-ed-to-furnish-written-grounds-of-arrest-to-pmla-accused
Trending Judiciary
SC dismisses Centre’s plea for review of judgment directing ED to furnish written grounds of arrest to PMLA accused [Read Order]

Supreme Court dismisses Centre's plea, upholds judgment mandating Enforcement Directorate to provide written grounds of arrest in PMLA cases.

23 March, 2024 03:14 PM
kerala-hc-to-hear-lesbian-couples-plea-against-forced-conversion-therapy-on-april-9
Trending Judiciary
Kerala HC to hear lesbian couple’s plea against forced conversion therapy on April 9

Kerala HC will hear a lesbian couple’s plea highlighting that one of them was subjected to forced conversion therapy.

23 March, 2024 03:30 PM
how-can-people-be-compelled-to-vote-madras-hc-asks
Trending Judiciary
“How can people be compelled to vote? Madras HC asks

“How can people be compelled to vote?”, the Madras HC queried in a plea asking employers in Tamil Nadu to demand proof from employees of having voted on polling day.

23 March, 2024 05:04 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email