- Income Tax Return is a statement in which a person is required to file with the Income Tax Department to declare his annual income, to claim tax deductions, to claim a refund of tax deducted, etc. The Income Tax Department provides the facility for online filing of Income Tax Returns by various categories of persons before the pre-determined due dates.
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 the returns before the due date.