If you have not yet filed your Income Tax Return (ITR) and are hoping that the deadline of September 15 will increase, then be alert. No extension has been received so far and if you do not file returns till the scheduled time, you may have to suffer the penalty of late filing. Under Section 234F, if your annual income is more than ₹ 5 lakhs, late returns will be fined up to ₹ 5,000. At the same time, a penalty of ₹ 1,000 will have to be given even if the income is less than ₹ 5 lakh. Not only this, filing the Belated Return also increases the possibility of delay in refund, loss of interest, and audit. If you continuously delay, there may be difficulty in achieving loans, visas, and other financial facilities in the future. The last date for Belated Return is 31 December 2025, but it would be better to keep the ITR in time to keep the profile strong.
ITR filing may delay heavy: Know the punishment and disadvantage of late filing! Paisa Live | Delay in itr filing can be casstly: Know the penalties and disadvantages of late filing!
