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A woman in Delhi was sentenced to six months in jail for failing to file tax returns on income worth Rs 2 crore. According to a report, the decision came following a complaint by the Income Tax Office (ITO) which claimed that out of receipts of Rs 2 crore received by the accused during the financial year 2013-14, Rs 2 lakh was not due as TDS (tax at source). Deductions). Despite this, no income tax return was filed by the accused for the assessment year 2014-15.

This fine was also imposed
  According to the news, the court of Additional Chief Metropolitan Magistrate Mayank Mittal sentenced woman Savitri after hearing the arguments and considering the facts of the case. "The convict is sentenced to simple imprisonment for six months and a fine of Rs 5,000," the judge said in the March 4 order. However, the court granted him bail for 30 days.

Savitri's lawyer argued that she was an uneducated widow and had no one to support her. As a result, the court granted him 30 days' bail to protest against the decision. The court found that the complainant has successfully demonstrated beyond reasonable doubt that notices were sent to the accused, forcing him to file income tax returns. It was accepted that the accused had indeed failed to fulfill this obligation.

Consequences of not filing ITR
If it is mandatory for you to file an ITR and you have still missed the ITR filing deadline, you can still file your tax return. Returns filed after the deadline will be called belated ITR. However, if you file a belated ITR, you may also be penalized.

Penalty amount: If ITR is filed after the expiry of the deadline, a penalty of Rs 5,000 will have to be paid. However, if your taxable income is less than Rs 5 lakh, the penalty amount will not exceed Rs 1,000. For net taxable income of less than Rs 5 lakh, there is no tax liability due to tax exemption under section 87A.

Carry forward losses: While filing belated ITR, you cannot carry forward losses from stocks, futures and options (F&O) and others. However, belated ITR will allow you to carry forward loss from house property.

Tax Refund: If you are eligible for any income tax refund, file your ITR by July 31, 2023, i.e. before the deadline. Because if you miss this deadline and file a belated ITR, you will miss the payment of interest payable on the tax refund. Also, if you skip filing any ITR (original or delayed), you will not get a tax refund.

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