Rules for ITR: All the people in India who earn money and come under the purview of income tax, have to file their annual income tax return. This year, the last date for filing income tax return is 31st July. If anyone does not file income tax return i.e. ITR by this date, then they will have to file it later with a penalty.
While filing ITR, people have to enter their correct information. But many times people get caught up in the hassle of returns and fill wrong information in ITR. But if someone does this then action can be taken against him. A fine is also imposed for doing this. Let’s know how much the fine can be.
Have to pay up to 300% fine
It is necessary for everyone to file ITR. The last date for filing ITR for the financial year 2023-24 is getting closer. While filling ITR, people often enter the information. But if the information is entered by mistake, then the Income Tax Department gives you a chance to correct it. But there are many people who deliberately file wrong ITR to save tax. If someone deliberately files a wrong RTI, then he has to pay a fine ranging from 100% to 300% of the remaining tax amount.
Why is it important to file ITR?
Filing ITR is not only necessary but also beneficial for you. If you have been filing ITR on time, then you get loan approval from the bank very easily. Because most of the banks or loan giving non-banking finance companies ask for 3 years’ ITR while giving the loan. Along with this, ITR also works as an income proof.
When you take a car loan or a home loan, you are asked for income proof but if you file ITR, it works as income proof. When you apply for a visa, embassies of many countries check your financial status. ITR is very useful in such cases too. Overall, there are many disadvantages of not filing ITR and there are only advantages of filing ITR.
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