Business Wire IndiaFixed Deposit (FD) investors who had failed to link their PAN card to their Aadhaar account before July 1, 2023, are now facing repercussions. They have been disallowed from submitting Form 15 G/H against their FDs. Due to this, a TDS of 20% has been imposed on them instead of the usual 10%.
With the ITR filing deadline falling on July 31, it’s best for individuals to complete their tax filing beforehand to avoid such severe consequences. Filing the ITR on time is crucial since it gives one the opportunity to claim certain tax benefits. However, once the deadline has lapsed, taxpayers could face various repercussions.
These include:
With the ITR filing deadline falling on July 31, it’s best for individuals to complete their tax filing beforehand to avoid such severe consequences. Filing the ITR on time is crucial since it gives one the opportunity to claim certain tax benefits. However, once the deadline has lapsed, taxpayers could face various repercussions.
These include:
- Imprisonment for a period of 3 months to 2 years (extendable to 7 years)
- Penalty of Rs.1,000 or Rs.5,000 depending on the income bracket
- Interest chargeable on due amount following further delays
- Delay in receiving rebates
- No option to carry forward losses
Individuals can make use of the Bajaj Markets platform to complete their tax filing process in an easy and hassle-free manner, and avail several benefits.
These include:
- Exclusive discounts of up to 20%
- Easy access to expert assistance
- Guaranteed maximum tax savings
- Swift confirmation and processing
- Enhanced security measures
These useful features can help one easily complete their ITR filing on time and avoid the negative consequences of delays. Individuals must visit Bajaj Markets website or download the mobile application to get started.
