Taxpayers have a four-month window, from April 1 to July 31 (unless extended), to consolidate their income tax details and submit their income tax return (ITR) for the relevant fiscal year.
Failure to meet the deadline may result in the following consequences:
- Monetary penalty: If taxpayers file their returns after the due date but before December 31, they may be charged a maximum penalty of ₹5,000. For returns filed after December 31, the penalty increases to ₹10,000.
- Penal interest: In case of any outstanding tax liability, taxpayers will be subject to punitive interest, applicable to their individual circumstances. However, if no tax is due, no interest needs to be paid even for late ITR filings.
- Prosecution: Violators may face imprisonment ranging from three months to two years. For tax evasion amounts exceeding ₹25 lakh, the imprisonment term may extend from six months to seven years.
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