If you fail to file your income tax
India is a democratic and a developing country. Being a respected citizen of this developing country, there are certain rules that are needed to be followed. Filing the Income Tax Return is one of them. For most people tax filing doesn’t matter but they do not know that it can put them in a serious dilemma. Due to vagueness or laziness, most people miss the final and the last date of filing an income tax return every year. Though it is not commendable to be late in such activities, if you have missed doing so, you can file your belated return.
As a taxpayer, you will be inspected in the mentioned below cases:
Case A: No overdue tax accountability
If you have paid all of your taxes through advance payment and TDS and do not have any unresolved amount, you can file your income tax return till the end of the assessment year without any damage.
Even if you failed to file your income tax within that assessment year, you would have to pay Rs 5,000 as a penalty charge.
Case B: Existence of Outstanding Income Tax.
If you have overdue tax amounts from single or multiple income sources, the rule remains the same. In case you file the income tax after the current assessment year, you will have to pay a penalty of 1 % on the balance tax to be paid.
Case C: Tax Refund Claim
In case you have a refund tax amount, you can claim for it even after the last date of filling without any trouble. The only issue is that your application procedure may get delayed. This, in turn, will directly affect your refund process.
Case D: Carry forward your Losses
If you are unable to file your income tax within the deadline, you will not be able to carry forward your current year losses to next year.
This rule is not applicable to the loss acquired due to the loss of personal property like home.
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