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Informative

ITR Filing 2024: Know Consequences for not Filing ITR within Due Date

Update / Judgement Date

05 Jul 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate ComplianceFinancial ManagementIncome Tax

The article discusses the consequences of not filing Income Tax Returns (ITR) on time for the year 2024. It highlights penalties and repercussions such as interest on unpaid taxes, loss of carry-forward benefits, and legal actions by the Income Tax Department. Delayed filing can lead to additional fees and even prosecution under certain conditions. It emphasizes the importance of timely compliance to avoid financial and legal consequences.