What Happens if You Miss Your Tax Return Date?
3 years, 11 months ago

What Happens if You Miss Your Tax Return Date?

News 18  

If you are still thinking about filing your Income Tax Returns, then hurry, as the last date is fast approaching. In light of the coronavirus pandemic, the deadlines to file tax returns for the financial year 2019-20 were extended multiple times to December 31, 2020, from the usual due date of July 31, 2020. But for small taxpayers, with income below Rs 5 lakh, the penalty is set at Rs 1000 if the income tax return is filed after the expiry date. Under section 234A of the Income Tax Act, any taxpayer who has defaulted the deadline is liable to pay one percent interest every month on the amount of unpaid tax till the returns are filed. Furthermore, a taxpayer may face prosecution under u/s 276CC of the Income Tax Act if he/she willfully ignores the returns after getting notice u/s 142 and 148 of the Income Tax Act.

History of this topic

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