In this video, we will discuss the consequences you may face if you do not file your income tax return (ITR) by the deadline of 31st July 2024. Learn about the penalties and issues related to late filing and how to avoid them.

Key Points Covered in the Video:

Late Filing Fees (Section 234F): If you don't file your ITR on time, you may have to pay a late filing fee.
Interest on Tax Due (Section 234A): Interest at the rate of 1% per month on the unpaid tax amount will be charged.
Loss of Certain Deductions and Exemptions: Certain deductions and exemptions may not be available if the return is filed late.
Carry Forward of Losses: Losses (except for house property loss) cannot be carried forward if the return is not filed within the due date.
Refund Delays: Any refund due from the tax authorities will be delayed if the return is not filed on time.
Penalties and Prosecution: In some cases, failure to file the return can lead to prosecution, resulting in imprisonment and fines.
Belated Return: You can still file a belated return up to 31st December 2024, but it will be subject to penalties and restrictions.

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Income Tax Return
ITR Filing 2024
Late Filing Fees
Income Tax Penalties
Tax Return Deadline
Section 234F
Section 234A
Income Tax Deductions
Income Tax Exemptions
Tax Refund Delays
Belated Return
Tax Prosecution
Carry Forward Losses
Income Tax Return India
ITR 2024 Last Date
File ITR on Time
Income Tax Compliance
Late ITR Filing Consequences
Tax Filing Penalties
Tax Return Process
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chapters;-
00:00 Intro
00:49 Penalty under sec 234F
05:55 Section 234A
08:32 Cons of belated return filing
15:07 Outro
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Disclaimer: Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither TaxSmooth nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.
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