If you have not filed income tax returns, then definitely file today. 15 September is the last date to file ITR. However, taxpayers and chartered accountants say that there is a problem in the income tax e-filing website. There is also difficulty in downloading the Annual Information State (AIS) and Form 26AS. Therefore, there is a demand to increase the deadline for filing returns. However, the Income Tax Department has not yet said anything about it.
Penalty will be imposed on filing returns after 15 September
By 15 September Income tax return If you do not file, then you have the option to file a billowed return by December 31, 2025. However, for this you have to pay interest on penalty and tax. If your income is more than Rs 5 lakh annually, then you will have to pay a penalty of Rs 5,000 to file a billowed return. If the annual income is less than this, a penalty of Rs 1,000 will have to be paid. But, it is important for you to know that if you do not file the return till the last date, you will also have to wash your hands with some other benefits.
1 percent interest will also be imposed on arrears tax every month
After filing the return after the last date, you will not be able to carry out the capital loss on shares, mutual funds or property. If you use the Old Rizim of Income Tax, then you have to keep in mind that after filing the returns after September 15, you will not be able to take advantage of the exhalations and deeds available in this regimen. Also, you will also have to repay the interest at the rate of 1 percent every month on the outstanding tax.
Car loan and home loan will also face problems
Experts say that the big disadvantage of filing late returns is that your refund will come late. Second, if you want to take a car loan or home loan, then you will also face problems. Banks and NBAPC seek income tax returns of the last three years with the application of loans. In such a situation, the approval of your home loan or car lane application may also take time.
Taxpayers hope to increase the deadline for returns filing
Many taxpayers are speculating that the government will increase the deadline for return filing. He says that till 31 July last year, 7.28 crore returns were filed. However, this time till September 14, only more than 6 crore returns were filed. This means that more than 1 crore returns have not been filed yet.