ITR Filing Deadline: Last day to file your return, delay may lead to heavy fines and jail

Business News: Today, September 15, is the last date to file an Income Tax Return (ITR). If you have not yet filed your ITR, then complete this work immediately. If you are late, not only will you have to pay a heavy penalty, but you may also have to face legal action. Tax experts say that filing returns is not limited to just your salary. Many people often ignore small income, such as interest on savings accounts, dividends, rental income, earnings from cryptocurrency, foreign shares or ETFs, and even bank accounts and assets held abroad. If this information is not included in the ITR on time, then it comes under the purview of tax evasion.

10 lakh fine and jail for hiding foreign assets

The Income Tax Department is now using advanced technology to track income. In such a situation, tax evasion is not easy. Not providing information about a foreign bank account or property can result in a fine of up to Rs 10 lakh per property per year. Not only this, there can also be a jail term of 6 months to 7 years.

Notice for hiding crypto income

According to media reports, the Income Tax Department has recently sent notices to more than 44,000 people. These notices have been sent to those who did not give information about the income from cryptocurrency and virtual digital assets in their ITR.

Keep these documents ready before filing ITR

• Before filing the return, it is important that you match all your documents.
• Check Form 16, Form 26AS, AIS and TIS carefully.
• Include small income like savings account interest, rent, dividend and capital gains.
• If there is any mistake in filing, choose the option of Updated or Revised Return.
• Keep all the documents safe for at least 6 years.
• Pace of filing ITR increased on the last day
• More than 6 crore people had filed ITR till September 14. Today, on the last day, this number is expected to cross 7 crore.

File return today to avoid a penalty

If you have not filed your ITR yet, then file it immediately. Missing today's deadline will not only attract late fees, but you may also have to face strict action by the Income Tax Department. Remember, filing ITR on time is not only a legal responsibility but is also very important for loans, visas and other financial processes in the future.