Penalty for Late ITR Filing – What You Must Know
Introduction
Missing the ITR deadline can cost you more than you think. Here’s what happens if you file late.
Late Filing Fees (Section 234F)
- ₹5,000 – if filed after due date
- ₹1,000 – if income below ₹5 lakh
Other Consequences
- Interest under Section 234A
- Loss carry forward not allowed
- Delayed refunds
- Higher scrutiny chances
Conclusion
Timely filing is crucial to avoid unnecessary penalties and complications.
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