Filing your Income-tax return is important. If you are supposed to file your Income-tax return and have not filed then there are some consequences of not filing your Income-tax return. Those are listed below:
1. You may be penalised.
If you don't file your return on time, your Assessing Officer may impose a penalty of Rs.5,000/- on you.
2. You may attract a non-compliance notice.
Recently, Income-tax Department has increased a drive to catch non-filer or non-tax payers. If you have high value transaction in a financial year which is linked with your PAN/Name, most probably they know about it. And if they find that your Income-tax return has not been filed for that financial year, they send you a show-cause notice for not filing the return. In other words, it's called Non-compliance notice.
3. You may have to pay tax with interest.
In case there is tax due, you will have to pay tax with an additional 1% interest on the due amount per month calculated from the due date of filing. Furthermore, interest u/s 234A, 234B or 234C may be applicable.
4. You miss to get any refund.
If you have refund to be claimed, the Income-tax Department may delay or not issue a refund order of your tax.
Then why wait! File your Income-tax return now!
It is quite easy. Login on myITreturn.com and follow easy steps mentioned therein. Click here to Start.
Only a limited residents of this country are exempted from filing their Income-tax return. Generally, they are people who earn less than Rs.2.5 Lakh in a Financial Year. For the rest, it is mandatory to file their Income-tax return.