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Consequences of Missing Income Tax Return Last Date

Are you a regular taxpayer? Donu2019t miss your ITR Filing last date! Income Tax Return Filing is not just a legal obligation but also a social responsibility of taxpayers. ITR Filing will keep your financial future secure. But you need to remember that missing Income Tax Return last date can be very stressful. Do you have any idea about the consequences of missing the deadline? You donu2019t need to worry! Here, in this article we are going to tell you its major consequences. Letu2019s discuss!<br>

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Consequences of Missing Income Tax Return Last Date

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  1. Consequences of Missing Income Tax Return Last Date Are you a regular taxpayer? Don’t miss your ITR Filing last date! Income Tax Return Filing is not just a legal obligation but also a social responsibility of taxpayers. ITR Filing will keep your financial future secure. But you need to remember that missing Income Tax Return last date can be very stressful. Do you have any idea about the consequences of missing the deadline? You don’t need to worry! Here, in this article we are going to tell you its major consequences. Let’s discuss!

  2. Consequences- • Late Filing Fees & Penalties • Loss of Carry Forward Benefits One of the major consequences of missing Income Tax Return last date is late filing fees & hefty penalties. If you file your ITR after due date & before 31st December then there will be a hefty penalty of Rs. 5,000/-. However if you are a small taxpayer with a total income of up to Rs. 5,00,000/-, then the penalty will by maximum Rs. 1,000/-. In case you have capital losses in a particular financial year and you missed the Income Tax Return Last Date then you will not be able carry these losses forward to the future years. • Interest on Tax Liability • Loan Rejection Most of the financial institutions consider your Income Tax Return as the proof of your income. If you don’t file your ITR on time and missed your Income Tax Return last date then it will reduce your chances of getting loan & even it will lead to the loan rejection. If you have any unpaid tax and you missed the Income Tax Return last date, then an interest will be levied on the unpaid taxes at the rate of 1% per month or part of month.

  3. Consequences- • Risk of Prosecution • Increase Chances of Scrutiny If you consistently missed the Income Tax Return Last Date, then it may lead to the legal consequences. If you wilfully missed the deadline of filing ITR, then it can result in imprisonment for a term of three months to two years. If you miss the Income Tax Return last date, it will increase the chances of your tax return being scrutinized by tax authorities. • Impact on Visa Application • Notice by Income Tax Department When you want to travel to foreign countries, you need a Visa. But some foreign countries asked for Visa for the approval of visa application. If you missed the ITR Filing Last Date, it will make it difficult for you to secure visas as it may raise the concern regarding your financial stability or transparency. If you miss the Income Tax Return last date, it can result in getting notices from the Income Tax Department that will cause the unnecessary hassle as well as stress. These are some major consequences of missing ITR Filing last date. So file Income Tax Return on time in order to avoid the above discussed consequences.

  4. FINAL WORDS • When you miss the Income Tax Return Last Date, it will result in numerous financial & legal consequences. To avoid these consequences you have to file your Tax Return on time. For a clear picture you can seek the expert guidance of professional like Legal Pillers. Our dedicated team of experts will help you in filing your ITR without any delay. So, what are you waiting for? Contact us now and fulfil your tax obligations on time.

  5. THANK YOU! • +91 9267941961 • hwww.legalpillers.com • Legal Pillers • C-49, near Bikaner, • East Krishna Nagar, Krishna Nagar, • Delhi, 110051

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