File income tax return is a sign that is mandated by the Government of India on individuals who earn a specified amount of annual income must File ITR within the Due Date. This is called ITR Filing Procedure.
What happens if I delay in ITR filing?
There is no relaxation if a taxpayer faces late filing of returns in such cases penalty would be levied on:
- Delay in Filing: Interest imposed u/c 234 Income Tax Interest where a penalty is levied 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return.
- Refunds could Delay: If you are likely to get a refund from the government for excess in payment. Then you must file your income tax return before the due date.
