Missed Income Tax Return Filing Deadline File as early as possible to avoid penalty notice

Missed Income Tax Return Filing Deadline File as early as possible to avoid penalty notice


Hello friends, I am CA hemant and today we will discuss that if somebody forgets to file his income tax return timely than what options are available with that person after expiry of due date of filing of income tax return Friends, every individual who does not have to get his books of account audited has to file his tax return by 31st july generally income tax department extends the date by at least one month but we should not wait and file our itr timely or the individual tax return but if anyone does not file income tax return within due date than what options are available with him after not filing return in time and what are the consequences, today we will discuss Firstly friends if we talk about late filing penalties of filing after due date upto 31st december than under section 234F penalty is Rs 5000/- and if filed between 1st january to 31st march penalty is Rs 10000/-, one thing to know is that you cannot file your income tax return after 31st march this penalty is for those individuals whose taxable income is more than Rs 5 lacs for individuals whose taxable income is less than rs 5 lacs than section 234 F penalty is Rs 1000/- only. one more thing to make note of is that if while filing late itr and if there is any tax liability than you will have to pay interest under section 234 too now let us know how to file late or belated income tax return Friends the process of filing income tax return is exactly same whether you file it in time or you file it late the process is same late or belated return is filed under section 139(4) and returns which are filed timely are filed under section 139 (1) So friends if you have in the last financial year not filed your income tax return than please file it at the earliest and from henceforth try to file your income tax return within time in july the benefit of filing income tax returns in time is that if you afterward find any mistake in your income tax return than you can revise your original income tax return too. and the second benefit is that you do not have to pay penalty to the income tax department so friends file your income tax return within time and save on penalties friends please like this video and to keep yourself updated in income tax matters subscribe to this channel

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