What happens if you do not file the ITR within the given deadline? If you fail to file the Income Tax Return (ITR) within the date and day assigned to file the ITR, you are liable to pay fines for the same.
Earlier, until the assessment year (AY) 2017-18 no penalty was charged for filing belated returns but now, a new section, section 234F has been inserted by the Government of India into the Income Tax Act.
As per the new section inserted to the act, an individual who misses filing ITR would be liable to pay a fine of Rs. 10,000 after the due dates specified under section 139 (1) of the Income Tax Act.
Also, merely filing of an Income tax return is not sufficient, you need to verify your ITR filing as well.
Can I still file ITR if I miss the actual date of filing?
Yes. You can file a belated return. A belated return is an ITR filed after the due date of filing. However, filing of belated returns deprive you of certain benefits available for filing within the due date and you also are charged with a penalty.
What happens if the ITR filed by me has any mistakes in it?
If you believe that your ITR has not been filed properly or you have failed or missed out on reporting certain incomes or deductions were not availed in the return computation, in such a case, you can file a revised return.
Is there any time limit to verify my return?
Yes. According to the present tax laws, you can verify your ITR within 120 days of filing your ITR.