# consequences
9 posts in `consequences` tag
Consequences Failing File Audit Report Tax Penalties Late Fees
It is important to note that although Section 139 of the Act has been extended until 30th November 2023, which is one month after the original deadline, you should aim to file your taxes by 31st October 2023. Filing late can result in a late fee of Rs 5000.
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By Krishna
Late Fee Failure e-verify Tax Returns Before 31st August
The income tax department has also started to send notifications regarding the verification of tax returns before the deadline which ends the day after tomorrow.
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By Krishna
Consequences of belated income tax returns what is belated return and due date
As per the reports, a major part of the taxpayers have already filed their tax returns but still, there are some who failed to do it. They are now required to file belated tax returns.
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By Krishna
Itr Filing Last Date 2023 what happens if you miss tax return deadline
Today is the last date to file Income Tax Returns: The IT department advised taxpayers to file their tax returns before the deadline ends to avoid penalties and other consequences.
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By Krishna
Consequences of Missing July 31 Deadline for ITR Filing: Penalties and Other Outcomes
If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
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By Krishna
Income Tax Department Cracks Down on Tax-Evading Social Media Influencers: Learn More about the Action Taken
In a recent development, the Income Tax Department has taken a step further by utilizing data analytics to examine the social media accounts of influencers. They aim to identify any disparities between their social status and the income declared in their Income Tax Returns (ITRs).
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By Krishna
ITR Filing Deadline Approaching: Consequences of Missing the 31st July 2023 Deadline
The government made an amendment to reduce the time limit for filing belated income tax returns by three months. Individuals previously had the option to file a belated ITR until the end of the applicable assessment year, which is March 31. This option was available until the financial year 2019–20 (the assessment year 2020–21).
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By Krishna