Missing an income tax filing deadline is more common than you would think, and the penalties are avoidable with a bit of planning.
Who Needs to File
Salaried individuals with income above the basic exemption limit, anyone with multiple Form 16s from job changes during the year, and proprietorship firms all need to file annually.
What Happens If You File Late
Late filing can attract a fee under the Income Tax Act, interest on any outstanding tax, and loss of the ability to carry forward certain losses to future years. Persistent non-filing can also trigger scrutiny notices.
Documents to Keep Ready
All Form 16s for the year, bank interest certificates, proof of any deductions you plan to claim, and details of any loans if you are filing for a proprietorship firm with CA certification.
Already Received a Notice?
If you have received a notice, scrutiny letter or demand from the Income Tax Department, do not ignore it. HATS handles end-to-end responses to notices and demands, and earlier action generally leads to a simpler resolution.