IT return is not filed for AY2021-22. You may file an updated return of income u/s 139(8A) before 31-03-24.-IT dept what if no action from us Here's what could happen if you take no action on the notice from the Income Tax department regarding the unfiled ITR for Assessment Year (AY) 2021-22 (financial year 2020-21):
Penalties and Interest: You'll likely be charged a penalty for filing a belated return. The amount can vary depending on the delay and your tax liability. Interest will also accrue on any taxes owed from the original due date (typically July 31st, 2021). Increased Scrutiny: The Income Tax department may select your return for further scrutiny due to the late filing. This could involve requests for additional documentation and potential delays in processing your return. Collection of Tax: In the worst-case scenario, the department could take steps to collect any tax liability, including measures like seizing your bank accounts or assets. It's important to avoid these consequences. Here's what you should do:
File a Belated Return: Even though the deadline for an ITR-U has passed, you can still file a belated return. This will help minimize penalties and interest compared to complete inaction. Contact a *Chartered Accountant*: Consulting a tax professional is highly recommended. They can assess your situation, calculate potential penalties and interest, and guide you through the process of filing a belated return. Remember, it's always better to address tax issues proactively. Ignoring the notice will only lead to further complications and potentially higher costs in the long run. #updatedreturn#itr
Janani Services
IT return is not filed for AY2021-22. You may file an updated return of income u/s 139(8A) before 31-03-24.-IT dept what if no action from us
Here's what could happen if you take no action on the notice from the Income Tax department regarding the unfiled ITR for Assessment Year (AY) 2021-22 (financial year 2020-21):
Penalties and Interest: You'll likely be charged a penalty for filing a belated return. The amount can vary depending on the delay and your tax liability. Interest will also accrue on any taxes owed from the original due date (typically July 31st, 2021).
Increased Scrutiny: The Income Tax department may select your return for further scrutiny due to the late filing. This could involve requests for additional documentation and potential delays in processing your return.
Collection of Tax: In the worst-case scenario, the department could take steps to collect any tax liability, including measures like seizing your bank accounts or assets.
It's important to avoid these consequences. Here's what you should do:
File a Belated Return: Even though the deadline for an ITR-U has passed, you can still file a belated return. This will help minimize penalties and interest compared to complete inaction.
Contact a *Chartered Accountant*: Consulting a tax professional is highly recommended. They can assess your situation, calculate potential penalties and interest, and guide you through the process of filing a belated return.
Remember, it's always better to address tax issues proactively. Ignoring the notice will only lead to further complications and potentially higher costs in the long run.
#updatedreturn #itr
1 year ago | [YT] | 1