Don’t delay your ITR filing | Fusion - WeRIndia

Don’t delay your ITR filing

Don’t delay your ITR filing

If you are a taxpayer, then file your income returns and pay your tax on time.

Some people have the habit of procrastinating the tasks to a later date. But, this is not good in case of income tax returns.

ITR filing facilitates tax saving using the provisions of income tax act by way of allowed deductions or specific investments made.

Delay in filing income tax normally attracts penalty. Apart from that, you have to bear other consequences as well if you do not file your income tax returns in the prescribed time.

Normally, the filing of belated ITR is allowed for one year until the last date of the next financial year. For instance, the ITR for the financial year 2017-18 should be filed by March 31, 2019. Note that this date is for belated returns. But, submitting belated returns will attract penalty at the prescribed fee. The taxpayers should pay a penalty of up to ₹10,000 if their income exceeds ₹5 lakh and do not file ITR by the said time.

Sometimes, you may find mistakes in your ITR. At that time, you may submit your returns by correcting them. The time for revised returns was earlier 2 years which was reduced to the period of one year. In other words, you have to submit your revised returns within a year of your ITR.

If you do not file your ITR on time, you may not be allowed to carry forward certain losses to the next year.

You have to pay interest on the outstanding tax amount if you do not file your income tax returns in the due time. So if you miss the due date you cannot avoid the payment of interest on your tax.

For all these reasons, it is better to file the ITR on time.

Image by Gerd Altmann from Pixabay (Free for commercial use)

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