Missed filing ITR
Hi 👋. So, I missed to file the ITR and it's showing 5k penalty if I file now. I have 5.5l earning and 11k tax which is rebate under 87A. I have 0 tax liability. This is first time I am going to file an ITR just for compliance.
So, can I file ITR-U, it seems I cannot file it as I have nil return ? Or I will have to file belated return with 5k penalty ?
Any suggestions please.
First of all , is it mandatory to file ITR when your ctc falls below the tax bracket. Tax rebate 👀 is it to claim only when you pay tax , isn't it ?
Tax rebate is different thing. It is like discount over your total tax.
ITR works on final overall tax after rebate, exemption, etc.
Case 1- Let's say overall tax is 30k, till 25k is exempted.. so 5k you need to pay. Case 2- let's say overall tax is 10k, till 25k is exempted.. so I don't need to pay anything.. the catch here is.. even though I got rebate/exemption, my total tax is still 10k.. and for this we need to file ITR,
Ideally we should not asked to file ITR if we pay 0 tax and do not want to claim back anything.
(This is what I understood, still going through this hell)
Usually the last datefor filling ITR is 31st July but this year govt. extended to 15th Sep. Still if you failed to filled it then you must pay the panelty
You have to file it, else the portal will not accept your filing
What I meant by the above statement is yes sir you need to pay that fine or the portal won't allow you to submit your tax rebate.
At your bracket it should be 1k penalty, check with an expert and since your tax is zero you can choose to skip filing this year
My overall ctc was 4.5 lpa fixed component 383k. I haven't filed any ITR. Should I be worried 🙁?
Do one thing, go to the 1finance platform, the first consultation is free I believe. They will help you out with this.
Will try this..
As your salary is not comes under tax, u can skip this time and upcoming financial year probably march apply your first itr you will get your 11k in return and u don't have to pay any fee, this time u can miss also nothing much happen, and u will get intrest of 11k also probably around something 11.5k or 12K if applying on March
