People have also complained about the timing of the issues on the website. The deadline to file returns remains Sept. 15, according to the Central Board of Direct Taxes. They clarified that there will be no extension of the same after fake news of extension till Sept. 30 were floated.
If the Income Tax Return is not filed by Sept. 15, a late fee of up to Rs 5,000 may be levied. However, for taxpayers with a total income below Rs 5 lakh, the penalty is limited to Rs 1,000.
Taxpayers who miss the deadline will be liable to pay interest at 1% per month (or part thereof) on any unpaid tax amount until they file their return after missing the deadline.
Filing after the due date may lead to the loss of certain benefits, such as the ability to carry forward losses (except house property losses) and claim specific deductions under the Income Tax Act, 1961.
If a taxpayer fails to file their return despite having taxable income, they may face a penalty of up to 50% of the tax avoided, under the provisions of Section 270A for under-reporting or misreporting of income.
