IF YOU DONT PAY INCOME TAX: YOU HAVE TO PAY PENALTY INTEREST
The government has extended the income tax return till August 5. Thus, returning to the night of July 31, was to be filled by 12 o'clock, but the government has extended the last date of five days to the relief of millions of taxpayers, but this date is extended only to the ITR filing, not to pay taxes. Chartered Accountant of a reputable tax firm said that this means that if you do not submit income tax in the year 2016-17, you will have to pay 1% more interest on the tax. However, not filing a return will attract interest of 1% and it will be applicable only after August 5.
For example, if any taxpayer has to pay a tax of 20000 rupees in 2016-17 and has not yet been credited. Now the taxpayer will have to deposit 20200 with 1% interest of section 234 B. If this taxpayer is to file this return after August 5, then a return on filing a return will also have to pay 1%, i.e. to deposit Rs 20400. Late return filing will also come under interest section 234A.
The last date for filing income tax return is extended
Assuming tax deduction has been deducted from TDS but the FD has to pay taxes on income from interest, rental income etc. The taxpayer may have to pay 1% interest.
You can file an ITR without linking PAN-based, but will not get a refund
If the TDS has already been deducted from the taxpayer's salary and there is only a return filing, in this case the taxpayer can file a return by August 5 and the penalty will not be paid.
According to the income tax rule, the penalties for the delay of 1 day are calculated according to the entire month, ie deposit the income tax on August 1 or on August 31, the taxpayer will have to pay 1% more interest on the value of the tax. However, on March 31, 2017, the penalty for not paying 90% advance tax was to be given. The taxpayer can avoid this interest penalty on accruing estimated tax in advance tax.
