Don’t Miss the ITR Filing Deadline: Consequences You Should Know About
Moment is the ITR filing deadline and it’s essential that you do not miss it! Failing to file your Income Tax Return( ITR) before the due date can have serious consequences, and it’s important to be apprehensive of them before it’s too late.
In this blog post, we’ll take a look at the counteraccusations of missing the ITR filing deadline and how to avoid them. Read on to find out further.
1.What’s ITR filing and why is it important?
ITR filing is the process of filing income duty returns with the government. It’s obligatory for all individualities, businesses, and associations earning an income to file their ITR every fiscal time. The main purpose of ITR filing is to report all income earned, levies paid, and deductions claimed during the fiscal time.
filing ITR is important for several reasons. originally, it helps the government to keep track of the duty liability of each individual and association. This, in turn, helps the government to identify duty evaders and take applicable action against them.
Secondly, ITR filing is essential for individualities who want to apply for loans or visas as it acts as a evidence of income and duty payment. In addition to this, filing ITR on time also helps individualities to avoid late freights and penalties.
also, individualities who haven’t filed their ITR within the due date might face consequences like being unfit to carry forward their losses or claiming duty refunds. In short, ITR filing isn’t only important to fulfill your legal obligation but also to avoid legal hassles and penalties.
2.Deadline for ITR filing and extension options
The deadline for filing your income duty return( ITR) for the fiscal time 2020- 21 is moment, September 30th, 2021. still, you may face penalties and interest charges, which can accumulate over time, If you miss the deadline.
still, if you’re unfit to file your ITR by the deadline, you can still file a delinquent return by March 31st, 2022, but you’ll be subject to a penalty. The penalty can be over to Rs. 10,000, depending on how late you file your return.
In addition to the delinquent return, taxpayers can also file a revised return if they’ve made any crimes or deletions in the original filing. This can be done within the quested time frame of over to two times from the end of the applicable fiscal time.
To avoid missing the deadline, it’s important to start preparing your ITR well in advance. You can seek the help of a duty professional or use online filing plat filings to simplify the process. In any case, do not delay your filing and invite gratuitous penalties.
3.Consequences of missing the ITR filing deadline
Failing to file your Income Tax Return( ITR) by the deadline can affect in colorful consequences, both fiscal and legal. originally, you may have to pay a late figure of over to Rs. 10,000, depending on the detention period and your total taxable income.
also, if you have any duty arrears, you’ll also have to pay interest on the overdue quantum, which can add up snappily. Secondly, if you miss the ITR filing deadline, you may not be suitable to carry forward any losses or claim certain deductions in the ensuing time’s duty return.
This can lead to a advanced duty liability in the future. also, you may also admit a notice from the Income Tax Department, which can lead to legal impacts and an inspection of your once fiscal statements. thus, it’s pivotal to file your ITR on time to avoid these consequences and maintain your fiscal records directly.
4.How to file your ITR before the deadline
The good news is that filing your ITR before the deadline isn’t as delicate as it may feel. In fact, with the arrival of online filing, it’s now easier than ever to complete your duty returns. Then’s a step- by- step companion to filing your ITR before the deadline
Step 1 : Gather all the needed documents similar as filing 16, payment slips, and bank statements.
Step 2 : Go to the income duty department’s e-filing website and register if you have not filingerly done so.
Step 3 : Choose the applicable ITR filing and download it.
Step 4 : Fill in all the necessary details, similar as your income, deductions, and levies paid.
Step 5 : Double- check all the details and insure that all computations are correct.
Step 6 : Submit the ITR filing online and e-verify it using your Aadhaar number or net banking.
By following these way, you can fluently file your ITR before the deadline and avoid any implicit consequences.
5.Common mistakes to avoid while filing your ITR
Filing your income duty return( ITR) is a pivotal process, and making indeed the lowest of mistakes can lead to unwanted consequences. To insure that you file your ITR rightly, it’s essential to avoid making common mistakes . Then are some mistakes you should avoid while filing your ITR
- Not reporting all income sources insure that you report all your income sources while filing your ITR. Failing to report your income can lead to heavy penalties.
- Entering incorrect bank account details Double- check your bank account details before entering them while filing your ITR. Entering incorrect details can affect in delayed refunds or non-refund of duty.
- Filing the wrong ITR filing It’s pivotal to choose the correct ITR filing as per your income and the source of income. Filing the wrong ITR filing can lead to rejection or delayed processing of your return.
- Not vindicating your ITR Make sure to corroborate your ITR once you file it. Failure to corroborate can affect in your ITR getting rejected. By avoiding these common mistakes , you can insure that you file your ITR rightly and avoid unwanted consequences.
6.What to do if you miss the deadline
Missing the deadline for ITR filing can affect in colorful penalties and consequences. still, if you have missed the deadline, it’s important not to horrify. There are still ways to file your ITR and avoid fresh forfeitures and charges.
The first step is to file your ITR as soon as possible, indeed if you have missed the deadline. The sooner you file, the lower the penalties you’ll have to pay. You can file your ITR online through the Income Tax Department’s website or through colorful authorized e-filing doors. still, you can request for an extension of the deadline,
If you’re unfit to file your ITR on time due to genuine reasons similar as illness or unlooked-for circumstances. You can apply for an extension of over to 3 months, but you must do this before the original deadline.
In case you miss the extended deadline as well, you can still file your ITR under the delinquent Return provision. still, you’ll be liable to pay a penalty and interest on any outstanding duty liability.
It’s important to note that it’s always better to file your ITR on time to avoid any gratuitous charges or consequences.
In conclusion, filing your Income Tax Return( ITR) before the deadline is pivotal to avoid facing serious consequences. Failing to file your ITR on time can affect in penalties, interest charges, and indeed legal impacts. It’s essential to understand the significance of ITR filing and the counteraccusations of missing the deadline.
Flash back, filing your ITR isn’t just about fulfilling a legal demand. It’s a way to insure translucency, maintain fiscal records, and contribute to the overall functioning of the country’s duty system. So, do not miss the deadline and file your ITR moment!