WHAT HAPPENS IF I DELAY IN ITR FILING:-
• 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.
• Penalty clause:
a) Rs 5,000 if tax return is filed after the deadline but on or before December 31 of the relevant assessment year.
b) Rs 10,000 if tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31
BENEFIT OF EARLY FILING OF ITR:-
• Advantages in the processing of a loan
• Registration of immovable property
• The last-minute surge can be avoided
• Earlier e-verification of your return filed
• Carry forward of losses
• Faster processing of refund
• Save yourself some interest
• Avoid the defective return notice