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.
- 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.
- 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.