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Many people appear to believe that submitting tax returns is optional, and hence dismiss it as inconvenient and burdensome. However, many people are unaware that this is not a very healthy approach to tax filing in India. Tax HelpDesk provides the least time-consuming and hassle-free tax filing in India and ITR online filing. Keep reading this blog to explore more.
The Indian government levies a tax on all people who are liable to pay it on their taxable income.
Taxes are one of the government’s keys and vital sources of revenue, which it utilizes to fund operations such as defense, healthcare, infrastructure, education, and the creation of various welfare packages for the general public. Because income tax is a percentage of a taxpayer’s income, the government provides many benefits to taxpayers in exchange for their contribution to the country. Individuals must, however, incur a number of penalties if they do not file their ITR on or before the due date.
Let’s take a closer look at the ITR online filing and its benefits, as well as what happens if one fails to file an ITR.
Penalties Charged if ITR not Filed
Individual taxpayers’ deadline to file ITRs for the assessment year 2020-2021 has been extended to January 2021. Delaying ITR online filing can result in a penalty, but there are also other repercussions and hassles.
Let’s take a closer look at it:
The Section 234F Penalty
Failure to file an ITR might result in a maximum penalty of Rs. 10,000. This penalty is imposed under section 234F of the Income Tax Act, which went into force on April 1, 2017, in order to prevent ITR online filing delays.
There will be no penalty if the taxpayer files the ITR for the fiscal year 2019-20 on or before January 10 (excluding audit and transfer instances). However, after January 10th, a maximum penalty of Rs. 10,000 would be imposed.
The Income Tax Department offers some aid to small taxpayers.
Late Filing Fee Details
| E-Filing Date | Total Income Below Rs. 5,00,000 | Total Income Above Rs. 5,00,000 |
| 10th January 2020 | Rs. 0 | Rs. 0 |
| Between 10th January 2021 to 31st March 2021 | Rs. 1,000 | Rs. 10,000 |
Less Time for Revising Return
Because the taxpayer fills out the form in such a rush, ITR online filing on the due date can result in a mistake on the taxpayer’s form. Taxpayers now have until the end of the fiscal year to fix their mistakes under the new guidelines.
However, if the taxpayer submits the ITR before the deadline, there will be no time to amend any errors. As a result, if a taxpayer files their ITR early, they will have a year to review their return for any problems.
Interest On Payments
Under section 234F of the IT Department, if the taxpayer does not file the ITR on or before the due date, the taxpayer is obligated to pay 1% of the interest rate per month on the amount of tax owed. The penalty will begin immediately after the due date, which is normally July 31 of the assessment year in question. The deadline for the 2019-20 fiscal year was set for January 10th.
Final Words
If a taxpayer fails to file their ITR on or before the due date, they will not be able to carry their loss forward. If a taxpayer is entitled to a refund from the Internal Revenue Service for overpaid taxes, they must file the ITR on or before the due date to get the refund. Furthermore, many people are unaware of the advantages of paying taxes on time. Tax HelpDesk is the place to go if you’re seeking a simple and dependable approach to tax filing in India. Visit their website for simple ITR online filing.
