What happens if you don't file income tax return (ITR): Penalty or even jail
Income tax department can launch prosecution against you for non-filing of ITR
The tax laws prescribe minimum three years of imprisonment term and which can extent upto seven years
The Covid-19 has adversely affected us all in more than one ways. The government has been trying to provide relief in various ways including by providing more time for various time bound compliances. The deadline for filing of your Income Tax Returns (ITR) has also been extended from time to time, including ITR for financial year 2018-2019. Let us discuss the legal provisions for filing of the ITR and implications which will follow if you fail to adhere to the last deadline.