What happens if ITR is not Filed?
What happens if ITR is not Filed? If the income tax is not filed for the annual financial year, you will likely be pulled up by the government. Also, it is an illegal practice not to comply with these orders as it can backfire on you if you need to immigrate or secure a loan. Hence all citizens should be aware that there is a penalty if ITR (Income Tax Return) is not filed. What are the Dates for Filing Income Tax for FY 2022-23 (AY 2023-24)? The important dates for filing income tax for the Financial Year 2022-23 and Assessment Year 2023-24 is as follows: Category of Taxpayer Due Date for Tax Filing - FY 2022-23 Individual/Hindu Undivided Family/AOP/BOI (no auditing required) 31st July 2023 Businesses that require auditing 31st October 2023 Businesses that require Transfer Pricing Report 30th November 2023 Revised ITR ...