1. Filing of income tax is compulsory for all individuals whose gross annual income exceeds the maximum amount which is not chargeable to income tax (e.g. Rs.3,00,000 for Senior citizens, Rs.2,50,000/- for resident individuals)
2. The last date for filing of income tax return is usually July 31 for individuals (sometimes the same is extended).
3. Consequences for non-filing income tax return: (i) You will be issued notice u/s 142(1) for non-filing of income tax return if the income tax dept. (ii) Losses if any during the year, would not be allowed to carry forward. Normally, if you file your return on time losses of this year can be set-off against gain of forthcoming years. (iii) A Penalty of Rs. 5,000/- may be imposed under section 271F if belated return is submitted. (iv) Interest u/s 234A at the rate of 1% per month/part of the month would be charged.
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