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Implications of Not Filing Return Within the Due Date πŸ—“οΈβš οΈ

02 Aug, 2024

By Vidhu

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Implications of Not Filing Return Within the Due Date πŸ—“οΈβš οΈ

In case you have missed filing your return by 31.07.2024, then the following are the implications on your Income Tax return:

1️⃣ Penalty of Rs. 1000/Rs.5000 shall be levied πŸ’Έ

2️⃣ Losses like business losses, capital losses (e.g., loss on sale of shares) cannot be carried forward to next years πŸ“‰πŸš«

3️⃣ Interest under Section 234A, 234B & 234C shall be levied πŸ“ŠπŸ”

4️⃣ Deductions/Exemptions under Section 10A, 10B, 80-IA, 80-IC shall be disallowed πŸš«πŸ“‘