Last date to file income tax
The last date for filing the income tax return was July 31, which has now ended. If you have not filed your income tax return until July 31 and are now thinking of filing your ITR late, this news may be useful for you. Actually, although you have extra time to file your ITR late, it also has some disadvantages. However, you can file your ITR late until December 31. But for this you will have to pay a penalty in the form of a late payment fee. Apart from this, there are many types of losses to be faced, which many people are not aware of. Let us know…
Disadvantages of filing a late ITR
- If you file a late ITR, you will not be able to carry the loss forward to the following year. Under normal circumstances, you can carry the loss forward for 8 years.
- The department does not pay interest to those who file a late ITR. Let us tell you that if the ITR is filed on time, the taxpayer receives an interest of 0.5 percent per month on the amount till the date of refund.
- If any tax is outstanding at the time of filing late ITR, penal interest will be payable. This is levied at the rate of 1% per month. Penal interest is levied under sections 234A, 234B and 234C depending on the type of tax outstanding.
- If your tax refund is issued after filing the late return, it is delayed. Due to the delay in filing the ITR, the processing will be delayed and the refund will be delayed.
- In the invoiced ITR, you do not have the option to choose Old Tax Regime. In such a situation, you have to file returns under the new tax regime even if you do not want to do so. Let us tell you that those taxpayers who want to save taxes by taking advantage of the deduction, choose the old tax regime. But as the deadline approaches, this option is also going out of their hands.
