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As a responsible taxpayer, it's important to stay updated on key deadlines and follow the guidelines set by the Income Tax Department. It's important to keep in your mind that last date to file your ITR for the Assessment Year 2025-26 is September 15, 2025.
Income Tax: Missed Filing ITR For Multiple Years? Here's What It Could Cost You
As a responsible taxpayer, it's important to stay updated on key deadlines and follow the guidelines set by the Income Tax Department. It's important to keep in your mind that last date to file your ITR for the Assessment Year 2025-26 is September 15, 2025.
New Delhi: Not filing your Income Tax Return (ITR) might feel harmless if it happens just once. But making it a habit can land you in real trouble. Repeatedly skipping ITRs doesn't just attract fines but it can lead to mounting interest, trouble with loans and in extreme cases, even jail time. Here's why staying on top of your tax filings matters more than you think.
As a responsible taxpayer, it's important to stay updated on key deadlines and follow the guidelines set by the Income Tax Department. It's important to keep in your mind that last date to file your ITR for the Assessment Year 2025-26 is September 15, 2025.
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If you keep skipping your ITR filings then be prepared for strict action. Under Section 234F of the Income Tax Act, you can be fined Rs 5,000 if your income is over Rs 5 lakh and Rs 1,000 if it's below that just for missing the deadline. These penalties highlight how important it is to file your returns on time and avoid unnecessary legal and financial stress.
Section 234A of the Income Tax Act charges 1 per cent interest per month on any unpaid taxes until you clear the dues. So, the longer you delay, the more your tax bill grows. This makes it important to pay your taxes on time to avoid piling up extra costs.
If you intentionally avoid filing your ITR, you could face prosecution under Section 276CC of the Income Tax Act. In serious cases or repeated defaults, this can lead to jail time ranging from three months to seven years along with heavy fines.
Skipping your ITR doesn't just bring penalties, it can also hit your finances in other ways. For instance, if you've taken a home loan, you might miss out on claiming deductions on interest paid if you don't file your return. Also, if tax has already been deducted from your salary or investments, the only way to get a refund is by filing your ITR. Otherwise, that money is gone for good.
Not filing your ITR can also create problems when you apply for loans or credit cards. Banks usually ask for your ITR to verify your income and without it, your chances of approval go down. The same goes for visa applications or starting a new business as your ITR acts as proof that you're financially responsible.
The government now allows you to file updated returns (ITR-U) for up to four previous years, which can be a helpful way to fix missed filings. But there's a catch, you may have to pay extra tax and surcharge which can go as high as 70 per cent of your pending dues. So while this option offers a second chance, it's a costly one. Filing your ITR on time is still the smarter, cheaper way to stay out of legal and financial trouble.
Source: ZeeNews
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