Only 1 Day Left for ITR Filing: Know Consequences for Non-Filing Returns

The deadline for filing Income Tax Returns (ITR) for FY 2022-23 is approaching, with only one day left. Missing this deadline can lead to several consequences, including a late fee of up to ₹5,000 under Section 234F and interest penalties under Section 234A for any outstanding tax amounts. Additionally, non-filing can result in receiving notices from the Income Tax Department and potential prosecution under Section 276CC for tax evasion, which may lead to imprisonment depending on the amount of tax evaded. Taxpayers are advised to gather necessary documents such as Form 16, Form 26AS, and proof of investments to ensure accurate filing. E-verification of the return is crucial to complete the process​