LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Consequence of not filing ITR

30 December 2019

I have a basic question -- apart from the late fees that are required under Section 234F (i.e. Rs 10000), are there any other consequences if one doesn't file their ITR? This is of course assuming that the taxpayer has paid all required taxes (TDS included) already on time.

Reply
Follow
Share

4 Replies

CMA M.Keerthi chandra (C.A FINAL STUDENT AND QUALIFIED C.M.A) (561 Points)
Replied 30 December 2019

Yes there are other consequences

fore most of them is being subjected to Best Judgement U/s 144. The A.O will proceed with information with him

If by chance if you have made any cash deposits in bank,they may also be treated as unexplained deposits U/s 69A. Hence depending up on your activities importance of filing I.T.R plays a significant role.

Kumar Sushank (General Manager - Finance) (1040 Points)
Replied 30 December 2019

Department can raise Outstanding Demand with penalty & interest in future if any one doesn't file their ITR and income is taxable.

rama krishnan (12234 Points)
Replied 30 December 2019

As said by Mr keerthi, 144 assessments may be made but before that you will be given an opportunity to file your roi by issuing 142(1) notice or 148 notice.

1 Like

Kapadia Pravin (17249 Points)
Replied 31 December 2019

@ Consequences of Non or Late Filing of the Income Tax Return

Penalty under Section 271F of Income Tax Act, 1961:

1) Penalty under Section 271F of Income Tax Act, 1961:

2) Interest under Section 234A of Income Tax Act, 1961

3) Non-Carry Forward of Losses

4) Best judgment assessment (Assessment under section 144)

5) Claim of Refund of Taxes

6) Penalty for Concealment of Income

7) Prosecution for Failure to Furnish Return of Income

1 Like