Business News: Today, September 15, is the last stage to file an Income Tax Return (ITR). If you have not yet filed your ITR, then well-constructed this work immediately. If you are late, not only will you have to pay a heavy penalty, but you may moreover have to squatter 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 plane wall finance and resources 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 wide technology to track income. In such a situation, tax evasion is not easy. Not providing information well-nigh a foreign wall worth or property can result in a fine of up to Rs 10 lakh per property per year. Not only this, there can moreover 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 increasingly than 44,000 people. These notices have been sent to those who did not requite information well-nigh the income from cryptocurrency and virtual digital resources in their ITR.
Keep these documents ready surpassing 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 worth interest, rent, dividend and wanted gains.
- If there is any mistake in filing, segregate the option of Updated or Revised Return.
- Keep all the documents unscratched 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 navigate 7 crore.
File return today to stave a penalty
If you have not filed your ITR yet, then file it immediately. Missing today's deadline will not only vamp late fees, but you may moreover have to squatter strict whoopee by the Income Tax Department. Remember, filing ITR on time is not only a legal responsibility but is moreover very important for loans, visas and other financial processes in the future.
