Things You Will Miss If You Do Not File ITR On Time

Not filing ITR early leads to last-minute rush, which is very common in many businesses and professionals. Although there is a scope of paying ITR after due to date you have to pay a hefty fine.  Also, you will face the following losses.
 
Lose Rs 5000-10000

If you are not filing ITR on time then you will have to pay fine of Rs 5000 or Rs 10000 depending on the case. If you are a taxpayer with a total income below Rs 5,00,000, then you shall pay the fees Rs 1000

Unable to revise your ITR 

It is highly common to make mistakes when filing ITR for the FY 2017-2018. You can only revise the mistakes until March 2019.  You just have one year window to revise your mistakes. So you must start filing your ITR early to get enough time to revise your mistakes.

No scope to carry forward of losses 

You can carry forward any loss from your business or profession or any loss from the income from house property. This scope is available only if you file your ITR within the due date.

Delayed ITR processing

 It takes time for the Income Tax Department to process your ITR after the verification is completed. If you delay the filing of ITR then it may take a longer time for the IT department to determine your tax liability or refund. So, it will result in the delayed receipt of the tax refund.

Pay more interest 

People who have delayed the filing of ITR have to pay an additional interest at the rate of 1% per month up to the date of the ITR filing.   This interest is payable on the tax that you will be paying after all types of deductions like TDS, TCS, advance tax and other tax credits available under the law.



So, if you are in the tax bracket then hurry up and start filing your ITR. The latest date to file ITR for FY2018-2019 is July 31, 2019. If you file the ITR after the deadline, then you have to pay the penalty.

If you need the help of an expert for quick and error-free filing of ITR then hire Alankit Mangement Consultancy, the best tax consultant in  Dubai. Their experts will help you avoid losses, which you will face if you do not file your ITR on time.

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