TAX NOTICE
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TAX NOTICE
File income tax return is a sign that is mandated by the Government of India on individuals who earn a specified amount of annual income must File ITR within the Due Date. This is called ITR Filing Procedure.
What happens if I delay in ITR filing?
There is no relaxation if a taxpayer faces late filing of returns in such cases penalty would be levied on:
Delay in Filing:
Interest imposed u/c 234 Income Tax Interest where a penalty is levied 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return.
Refunds could Delay:
If you are likely to get a refund from the government for excess in payment. Then you must file your income tax return before the due date.