A person can also be jailed for not filing income tax returns. Know what is the rule.
According to tax experts, if you have not been able to file an income tax return by the last date, a case can be filed against them.
Apart from this, the tax department can impose a penalty of 50% to 200% on the taxpayer's actual income tax.
If salaried people do not file ITR even till 31 December 2023, the department can prosecute you.
The Income Tax Act provides for a minimum of 3 years and a maximum of 7 years in prison for tax evasion.
The Income Tax Department can initiate prosecution only if the tax amount exceeds Rs 10,000.
Failure to file ITR by the deadline can also attract a penalty of Rs 5,000 under section 234F.
The last date for filing income tax returns for the financial year 2022-23 was 31 July 2023, which has now expired.
But you can file your income tax return by paying the late fee. The last date to file ITR with a late fee is December 31.
If you do not file ITR even by the due date, then there can be serious consequences like going to jail.
Hero MotoCorp and Harley Davidson are going to increase the price of the X440 From August 4, 2023.