Penalty for not Filing ITR

By Vishal Vivek                                                                                                                                                 

A person's earnings for a fiscal year are detailed in an income tax return, which is a condensed document.

Additionally, the government routinely reminds people to file their income tax forms. Fines and penalties may be assessed if you fail to pay your obligations or fail to file an ITR.

You must submit an income tax return (ITR) to the government. Your income, investments, and amount of owed taxes are disclosed to the government in this return.

It aids in tax collection and is used as documentation of income when applying for loans, visas, and other financial services.

– If you want to work on any government projects, your most recent income tax returns are an essential source of information. Regular ITR filing entitles you to offer applications.

It is a prerequisite for acquiring loans, visas, and other financial services as well as a legal requirement. ITR failure can have serious repercussions

The concerned person may be prosecuted for tax evasion under Section 276CC of the Income Tax Act if the ITR is not filed even after taking these steps.

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