What are the consequences of non filing of ITR?
For possible tax evasion exceeding Rs. 25 lakhs: Penalty for not filing ITR plus imprisonment of at least 6 months, which can extend to 7 years. For other cases: Prescribed penalty plus imprisonment of at least 3 months, extendable up to 2 years.
What if ITR is not filed for 3 years?
If you miss filing ITR by the due date, you can file the belated return by 31st December 2022. However, you are required to pay the penalty for late filing. The maximum penalty of Rs 5,000 will be levied if you file your ITR after the due date 31st July 2022 but before 31st December 2022.
Can I file ITR for last 3 years now?
As you can see that you can file your previous years return in the current year and for filing of previous year’s income tax return, you have to pay penalty or interest. If there is no tax liability on you then you can file your previous years return without paying penalty or interest.
Can I skip ITR filing?
If the taxpayer fails to file the ITR by the due date then penalty interest at the rate of 1% per month is levied on the outstanding tax. Further if the outstanding tax liability is over Rs. 1 lakh, section 234A applies from the original due date which happens to be July 31, 2021 in the current case.
What happens if you don’t file ITR for one year?
Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years. Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years.
Can I fill ITR for previous year?
Individuals can file returns for the previous years. This can only be done for the two years preceding the current financial year for which the returns have to be filed. Taxpayers are provided a two year period during which returns can be filed.
When ITR filing is mandatory?
An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank. .
Can I file ITR of previous year?
Is it mandatory to file income tax return below 2.5 lakhs?
A majority of people think that if their income is less than Rs. 2.5 Lakhs, they are not liable to file Income Tax Returns (ITR). However, this is a big misunderstanding; under some circumstances filing ITR is mandatory even if you earn less than Rs. 2.5 Lakhs.