This time, the Income Tax has extended the date of filing ITR from 31st July to 15th September. Taxpayers are filing ITR from now on to avoid any trouble at the end. If any person files ITR after 15th September, then they may have to pay a heavy penalty.
What is the problem?
If any person files ITR after the due date, then they may have to pay a heavy penalty. Along with paying the penalty, he also has many disadvantages. Let's know about them.
Impact on the financial history of the taxpayer.
Problem in loan application.
Problem while claiming refund.
There may also be a problem in getting a visa.
How much will be the penalty?
Annual income penalty
Less than 5 lakhs, Rs 1000
More than 5 lakhs, Rs 5000
Similarly, if the tax of any taxpayer remains outstanding, then he may have to pay 1 percent interest every month.
Keep these things in mind while filing ITR.
Choosing the right form is also very important. Currently, ITR-1, ITR-2, ITR-3, and ITR-4 are available for filing ITR. Get information about all these forms. After this, choose the one that is suitable for you.
Choose one of the old tax regimes and the new tax regime. For this, you must assess both of them. Many types of exemptions are available in the old tax regime. These exemptions are not included in the new tax regime.
At the same time, keep in mind that you have filed ITR before the deadline. Along with this, take special care of e-verification. If you know all these things, you will not face any problem while filing income tax.
Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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