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| Failure to submit an Income Tax return? |
What are the consequences of failure to submit an income tax return?
Failure to submit the return within the specified date may result in the following consequences:
(a) Imposition of penalty
under Section 266 of the Income Tax Act, 2023
(b) Disqualification from availing tax exemptions under Section
174;
(c) Imposition of a monthly surcharge of 2% on the unpaid tax
amount;
(d) Disconnection of utility services, such as electricity, gas,
and water;
(e) Difficulties in receiving salary and allowances, among other
complications.
Tags:
income Tax Act-2023