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Implications of not doing filing return within the due date
Implications of not doing filing return within the due date

18 Jan, 2025

By Vidhu

3243 Likes

Implications of not doing filing return within the due date

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

1)     Penalty of Rs. 1000/Rs.5000 shall be levied

2)     Losses like business losses, Capital losses like loss on sale of shares cannot be carried forward to next years

3)     Interest under Section 234A,234B & 234C shall be levied.

4)     Deductions/Exemptions under Section 10A, 10B, 80-IA, 80-IC shall be disallowed. 

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