![]() ![]() Losses incurred (other than house property loss) are not allowed to be carried forward to subsequent years to be set off against the future gains in case where return has not been filed within the due date. ![]() However, penalty will be Rs 1,000 for those with income upto Rs 5Lakhs. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. The penalty is not levied in all cases and depends upon the circumstances of the case.įor returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If there are any taxes which are unpaid, penal interest 1% per month or part thereof will be charged till the date of payment of taxes. Here’s a list of consequences one will face for filing ITR after deadline, as per ClearTax. ![]() However, it’s a pattern when things are not done in time, you are bound to face some consequences, and missing the deadline for ITR filing, also has it’s drawbacks. ![]()
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