Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Zomato
WhatsApp
SpiceJet
Reserve Bank Of India (RBI)
Bitcoin
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / #FinancialBytes: What will happen if you miss ITR filing deadline
Business

#FinancialBytes: What will happen if you miss ITR filing deadline

#FinancialBytes: What will happen if you miss ITR filing deadline
Written by Sagar
Jul 21, 2019, 02:32 pm 3 min read
#FinancialBytes: What will happen if you miss ITR filing deadline

July 31, 2019 is the last date to file Income Tax returns for FY 2018-19. All taxable entities and individuals must report their annual earnings before this specified due date, or they will have to face certain consequences, such as late fee penalties, interest on tax payable, and even prosecution. Here is what can happen if you fail to meet the ITR filing deadline.

#1
Penalties upto Rs. 10,000 might be levied

If you fail to file ITR after the July 31 deadline but do it before December 31, 2019, a penalty of Rs. 5,000 will be imposed. If the filing is delayed even further, a penalty of Rs. 10,000 shall be charged. However, for taxpayers whose income is not more than Rs. 5 lakh, the penalty is restricted to Rs. 1,000.

#2
You will have to pay interest on tax payable

If you fail to file ITR by the July 31 deadline, you will have to pay interest on the eventual net tax payable, at the rate of 1% per month, upto the date of your actual ITR filing. Notably, this interest amount is calculated on tax payable after deducting the TDS, TCS, advance tax and other relief/tax-credits given under the law.

#3
You might also have to face prosecution

If you willfully do not file your ITR or don't pay your taxes even after receiving due notice under Sections 142 and 148, you may have to face prosecution under Section 276CC of the Income Tax Act. Depending on the type and amount of income chargeable, the period of detention varies from 4 to 16 years.

#4
Late ITR filing means lesser time for ITR revision

According to I-T Department rules, a one-year period is given for revising your tax returns for any errors made in the ITR filing. Earlier, this period was two years. This implies that the more you delay your ITR filing beyond deadline, the lesser time you shall have for revising your return and rectifying any errors you might make during the filing.

#5
Delay in getting refund

Once you are done with the filing and verification of your ITR, the Central Processing Center of the I-T Department starts processing your return. On this basis, tax liabilities or refunds as applicable are determined. So, in case an individual is awaiting tax refund, late ITR filing will result in them having to wait even longer for the transfer of such refund.

Information
#6: You won't be able to carry forward your losses

If you fail to file your ITR within the stipulated time period, you cannot carry forward the losses to get it adjusted against your profit and losses of future years.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Sagar
Sagar
Twitter
Sagar covers national news for NewsBytes. He has previously worked as an editorial intern at NDTV. Over the course of his near three-year career, Sagar has gained experience in news writing, copy editing, and video production. He holds a Bachelor's degree in Journalism and Mass Communication from the University of Delhi.
Latest
Tata Consultancy Services (TCS)
ITR Deadline
Finance
Latest
Vivo Y35 debuts with 50MP triple rear cameras, 5,000mAh battery
Vivo Y35 debuts with 50MP triple rear cameras, 5,000mAh battery Technology
Nikhil-Anupama's 'Karthikeya 2': All about latest box office winner
Nikhil-Anupama's 'Karthikeya 2': All about latest box office winner Entertainment
Porsche unveils a one-off 911 Sally Special edition: Check features
Porsche unveils a one-off 911 Sally Special edition: Check features Auto
Premier League 2022-23: 10-man Liverpool hold Crystal Palace 1-1
Premier League 2022-23: 10-man Liverpool hold Crystal Palace 1-1 Sports
La Liga 2022-23, Atletico Madrid beat Getafe 3-0: Key stats
La Liga 2022-23, Atletico Madrid beat Getafe 3-0: Key stats Sports
Tata Consultancy Services (TCS)
WFH ends; What Cognizant, TCS, HCL, and others have planned
WFH ends; What Cognizant, TCS, HCL, and others have planned Business
Work-from-home ends for TCSers? Employees to return to offices today
Work-from-home ends for TCSers? Employees to return to offices today Business
In a first, Sensex crosses 48,000-mark, Nifty soars past 14,000
In a first, Sensex crosses 48,000-mark, Nifty soars past 14,000 Business
Nissan Magnite SUV launched in India at Rs. 5 lakh
Nissan Magnite SUV launched in India at Rs. 5 lakh Auto
Sensex, Nifty hit record highs as markets welcome vaccine news
Sensex, Nifty hit record highs as markets welcome vaccine news Business
More News
ITR Deadline
ITR verification time limit reduced from 120 to 30 days
ITR verification time limit reduced from 120 to 30 days Business
ITR-filing deadline extended to January 10 for individuals: Details here
ITR-filing deadline extended to January 10 for individuals: Details here Business
Received notice from Income-tax department? These could be the reasons
Received notice from Income-tax department? These could be the reasons Business
Need to update/correct details in PAN card? Here's the procedure
Need to update/correct details in PAN card? Here's the procedure Business
Lost/misplaced PAN card? Here's how you can get a duplicate
Lost/misplaced PAN card? Here's how you can get a duplicate Business
More News
Finance
DHFL scam: ED attaches builders' properties worth Rs. 415 crore
DHFL scam: ED attaches builders' properties worth Rs. 415 crore India
Petrol, diesel prices drop sharply after Centre cuts excise duty
Petrol, diesel prices drop sharply after Centre cuts excise duty Business
Major financial changes coming into effect from April 1
Major financial changes coming into effect from April 1 Business
Here's how you can support small businesses
Here's how you can support small businesses Lifestyle
5 ways to cut expenses and save more
5 ways to cut expenses and save more Lifestyle
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022