If ITR Not Filed Today, you will have two big losses

New Delhi (Business Desk) The last date for filing the ITR for the financial year 2017-18 (Assessment Year 2018-19) is 31 August 2018. That is, you have only today's day left. If you do not file your ITR today, then you may have to bear the loss. We are giving detailed information to you in this news. It is noteworthy that for the Keralites, CBDT has increased the last date for filing of ITR to September 15, 2018.

This year, the figure of filing of Income Tax Return filing crossed 5 crore mark till Thursday, which has increased by 60 percent compared to last year. This figure indicates that the level of compliance has increased.

What is not filled till August 31, 2018?

• In the event of not doing this you will have two big losses. The first is that you have to pay a penalty and at the same time your penalties will not be returned to you at any time after filing your ITR.
• If you do not file your ITR by mistake or deliberately by 31 August 2018, you will have to pay a penalty which can be different during that period. This penalty will be levied on you under Section 234F of Income Tax.

If your income is five lakh or less and if you do not submit the ITR till August 31, then you will have to give a penalty of 1000 rupees.

There will be a penalty of 5,000 rupees on the one day delay of 31 days in Surat due to earning more than 5 lakhs. However, you will have to file your return by December 31.

If you fill your ITR from January 1 to March 31, 2019, then you will have to give Rs 10,000 as a penalty.

Interest must be given to you with penalties: At the same time, you should also know that this penalty will not be returned to you at any cost. Interest on penalties is charged under section 234A of income tax which is a percentage. Understand by example.

Suppose you have to pay Rs 11,000 as tax, then you have to pay interest of one rupee ie 110 paise. That is, after July 31, you have to file your ITR with a penalty and payment of interest on it.