What will happen if returns are not filed?
According to the rules of the Income Tax Department, two times are fixed for depositing the tax. You can pay tax for the assessment year without penalty till a fixed date which is usually 31st June or July. After this, you can pay tax with some fine for a fixed period. In this, people with annual income of less than Rs 5 lakh have to pay a penalty of Rs 1,000. Whereas, people with income more than Rs 5 lakh have to pay Rs 5,000 as late fine. If the tax is not paid by the date of filing the return along with the fine, the Income Tax Department may send a notice to the identified persons. Along with this, income tax can be recovered with heavy fine. Let us tell you that the department had recently informed that more than 8 crore taxpayers have filed ITR for 2023-24. This is the first time when a total of 7,51,60,817 taxpayers have filed returns.