Missing ITR for a given year, what will be the tax obligations- and concerns?

[dharshgupta]

Missing ITR for a given year, what will be the tax obligations- and concerns?

 

[dharshgupta]

Thank you

 

[Chartered Accountant]

If you have not filed your Income Tax return for the financial year 2021-2022 by the due date, you can still file it under Section 139(8A) of the Income Tax Act, 1961. However, there are some consequences and penalties associated with filing it late.

1. Penalty: You may be liable to pay a penalty of up to Rs. 5000 for late filing of the Income Tax return.
2. Interest: Additionally, you may also have to pay interest on any outstanding tax amount due.
3. Loss of refund: If you were expecting a refund from the Income Tax Department, you may lose the opportunity to claim it by filing your return late. Late filing under Section 139(8A) is typically allowed only in cases where there is a tax liability, and you can no longer file to claim a refund.

It's important to note that if you fail to file your Income Tax return on time, you may receive a notice from the Income Tax Department reminding you to do so. It's generally advisable to file your returns within the specified due date to avoid penalties and any potential complications with the tax authorities.