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JAIL FOR NOT FILING ITR
Relaxation in jail term on ITR filing offence in Budget 2026: Pay fine or 2 years jail instead of 7 years if ITR not filed and tax is above Rs 50 lakhBudget 2026 significantly softens penalties for income tax defaults. The jail term for failing to file ITR with tax exceeding Rs 50 lakh is...- Your wrong tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid itEmployees who attempt to cheat the system with bogus tax deductions risk facing severe repercussions. The Income-Tax Department is now harn...
- What if you fail to file ITR by due date September 15, 2025? You should be ready to pay late fee, delayed refund, and scrutinyThe Income Tax Return (ITR) filing deadline is September 15, 2025. Missing it results in a late fee. Belated ITR filing is allowed until De...
- Chartered Accountants caution joint bank account holders about this critical issue with tax rules that can lead to tax noticesChartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This le...
- CAs point to glitch in ITR software resulting in taxpayers getting a little less tax refund; what it means for youA system error in the Income Tax Return software is causing taxpayers to receive slightly lower refunds. Chartered Accountants have identif...
- Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do?The Income Tax Department is cracking down on fraudulent tax deduction claims, including those under sections like 80GGC, 80E, 80D, 80EE, 8...
- Income tax offences: To avoid jail term when can you use income tax compounding provisions; CBDT issues new FAQIncome tax: The Central board of Direct Taxes (CBDT) has released new FAQs on compounding of offences. Under these provisions if you have a...
- Have undisclosed foreign income or assets? Act before December 31 as govt gets more data from these new countriesIncome tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets an...
- Income Tax Act review: Will jail punishment for not filing ITR, depositing TDS be relaxed?Direct Tax code: The government has started the consultation process for reviewing the Income Tax Act, 1961. The review is being done to re...
- Made false deduction claim in ITR? Income tax dept wants employees to rectify this and pay the due tax or be ready for penal actionIncome tax deduction: Incase you have mistakenly claimed a incorrect or wrong tax deduction or exemption and thus as a result your tax liab...
- ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regimeHow to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31...
- ITR filing deadline: 5 consequences of not filing your income tax return todayITR filing deadline: Taxpayers who fail to meet the deadline for submitting a return have the option to submit a late return by December 31...
- Paying income tax is not enough, you must file the ITR to avoid jail in certain casesITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provis...
- How to file ITR for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jailTwo out of three respondents in our survey believed honest people pay more tax, while one out of five respondents felt that the tax authori...
- Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax noticeHouse rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does no...
- If you missed filing updated ITR by March 31, can you go to jail?ITR-U: The deadline to file updated income tax return (ITR-U) for FY 2020-21 (AY 2021-22) was March 31, 2024. However there is no need to w...
- Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filingWho has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as...
- Mumbai jeweller gets 3 months jail for not filing income tax returnsHe was imprisonment for deliberately not filing income tax returns for the assessment year 2014-15 within the due date despite repeated not...
- Missed the March 31 deadline to file income tax return? Here's what you can doIf you have missed the March 31 deadline to file ITR, the income tax department can allow taxpayers to file returns post the deadline for s...
- More than half of Akhilesh's ministers have criminal records: surveyMore than half of Akhilesh's ministerial colleagues have criminal records, says a pre-election survey.
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