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Failure to file IT returns may entail penalty and even imprisonment!
Posted on: 15/Jul/2019 11:48:06 AM
The last date for the earning individuals and monthly salary-class employees to file their Income Tax returns, 31st July is fast approaching!
It is worth noting that failure to file Income Tax Returns within the deadline will entail penalty as well as imprisonment.
In this scenario, as most of the Tax-paying public have appealed for an extension of deadline to file Income Tax returns, it is widely expected that the dealine my be further extended until end August.
For the individuals and monthly salaried employees whose gross annual income does not exceed Rs. 5 Lakhs who fail to file their Income Tax returns before 31st July and do it later, a penalty of Rs. 5000 is imposed. This penalty of Rs. 5000 is valid only if the IT return is filed before end December! In case of failure to meet this, it is mandatory to file the IT return before 31st March. Further, they need to pay a penalty of Rs. 10000.
For the individuals and monthly salaried employees whose gross annual income does not exceed Rs. 25 Lakhs who fail to file their Income Tax returns before 31st July, a penalty will be imposed, and imprisonment may also entail!
In case the individuals and monthly salaried employees fail to file their Income Tax Returns even by 31st March next year, it is essential to remember that these persons cannot file their IT returns for the financial year 2018-19 anymore!
In a similar trend, as per the Income Tax Act Section 244A, in case the above individuals had paid some part of the Income Tax earlier or IT had been deducted at the source of income and refund is due in this respect, it is advisable to remember that only the refund will be paid and the interest for the refund WILL NOT be paid!
