Numerous individuals thought of a question that what will happen on the off chance that we don't document the Income Tax Return by the previously mentioned due date. There are numerous advantages to recording the Income Tax Return. In any case, here we are examining just the antagonistic outcomes of Non-Filing of the Income Tax Return.
Penalty u/s 271F: If a man neglects to outfit return before the finish of the important appraisal year, the evaluating officer may collect a punishment of Rs. 5,000/ - Consequently, Non-documenting of Income Tax Return may bring about the punishment of Rs. 5,000/-
Interest u/s 234A: Default in the outfitting of the Income Tax Return may pull in Interest u/s 234A. On the off chance that there are any duties which are unpaid, corrective intrigue @ 1% every month or part thereof will be charged till the date of instalment of expenses.
Non-Carry Forward of Losses: You won't have the capacity to convey forward misfortunes if the arrival of wage isn't recorded within the due date.
Be that as it may, the misfortune under the head "Salary from house property" can be conveyed forward regardless of whether the arrival of pay/loss of the year in which misfortune is brought about isn't outfitted at the latest the due date of outfitting the arrival, as endorsed under area 139(1).
Best judgment evaluation (Assessment under area 144):
The Assessing Officer is under a commitment to make an evaluation to the best of his judgment in the accompanying cases: –
If the citizen neglects to document the arrival required inside the due date endorsed under segment 139(1) or a late return under segment 139(4) or an overhauled return under area 139(5); and
If the citizen neglects to agree to every one of the terms of a notice issued under area 142(1).
In this way, Non-Filing of the Income Tax Return may bring about the Best Judgment Assessment. This is an appraisal completed according to the best judgment of the Assessing Officer based on all significant material he has assembled.
The claim of Refund of Taxes: on the off chance that your expense payable is not as much as the TDS as of now deducted, you can assert the discount of such abundance TDS by recording your Income Tax Return.
You should record your Income Tax Return to assert the discount of TDS.
Further, you are qualified for Interest @ 6% on discount sum according to Section 244A.
The penalty for Concealment of Income:If you have an assessable salary and don't document the arrival of Income you may wind up paying the punishment for covering of Income. Till A.Y 2016-17, there was punishment u/s 271(1) (c), this punishment was for Failure to outfit returns, conform to sees, the disguise of pay, and so on.
Hence, where no arrival of wage is outfitted and later you are evaluated at pay higher than greatest sum not chargeable to assess you may wind up paying a substantial punishment.
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