Savan Patel
Quick Summary
Consequences of Late Filing of Income Tax Return (ITR) The Income Tax Act, 1961 specifies a due date for filing Income Tax Returns (ITRs). If an ITR is filed after the due date, there are certain consequences that may arise. These consequences include: Late Filing Fees A late filing fee
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FAQ :
For the Assessment Year 2023-24, the late filing fee is £1,000 if your total income is up to £5 lakh, and £5,000 if your total income exceeds £5 lakh. These fees apply if the ITR is filed after the due date but before December 31 of the assessment year.
No, if you file your ITR after the due date, certain losses, such as business losses and capital losses, may not be carried forward to subsequent years.
Yes, filing your ITR after the due date may result in a delay in receiving your tax refund as the Income Tax Department processes returns in the order they are received.
Yes, if there is any outstanding tax liability after the due date, interest may be levied under Section 234A of the Income Tax Act, calculated based on the delay period and the outstanding tax amount.
In addition to fees and interest, a penalty may be imposed depending on your total income and previous late filings. In some cases, particularly if income was concealed or false statements were made, criminal prosecution could occur.
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