What If You Missed Income Tax Return Deadline?
Start Your SIP in Mutual Funds.
What will happen if you miss your deadline of July 31st for Income Tax Return filing?
What Your Return will be Called?
If you miss your deadline, then your return will be a Belated income tax return.
When can you file a belated income tax return?
You can file tax returns between August 1 and December 31st.
Will any Penalty or Interest be levied?
Yes, You need to pay 1% interest on your due taxes.
and if your tax dues are more than 10% of advance tax liability then interest will be 2%
Along with the interest mentioned above, the penalty will be levied
Rs.1,000 if income is up to Rs 5 Lakhs or
Rs. 5,000 if income is above Rs. 5 Lakhs.
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If you have any queries you can tweet me at @gurpreet_saluja
Hi, I’m Managing Director at Gurpreet Saluja Financial Services where I help my investors to invest in mutual funds and achieve their financial goals. I’m also a Value Investor and here I write about Personal Finance & Investing.