ITR Filing Deadline Approaches: Rs 5,000 Penalty Looms The deadline for filing income tax returns (ITR) for the financial year 2025–26 is rapidly approaching, with just two days remaining to submit forms by July 31. Tax experts are urging taxpayers to remain vigilant as the central government has not extended the deadline. Individuals, including salaried employees, pensioners, and those with regular income, must file their ITRs by the specified date to avoid penalties. Consequences of Missing the Deadline If taxpayers fail to meet the July 31 deadline, they may face several repercussions. Under Section 234F of the Income Tax Act, a penalty of up to Rs 5,000 is imposed for late filing, depending on the total income. For those with a taxable income exceeding Rs 5 lakh, the maximum penalty is Rs 5,000, while those with income below this threshold face a lower penalty of Rs 1,000. Additionally, if there are outstanding tax liabilities, Section 234A mandates the payment of interest at a rate of 1% per month from the due date of the return to the date of filing. This interest is calculated on the unpaid tax amount. Loss of Previous Tax Method Options Taxpayers who wish to continue using the old tax regime may face challenges if they miss the deadline. The Income Tax Department requires all necessary procedures to be completed within the filing period. Delayed submissions could result in the automatic application of the new tax regime, potentially increasing their tax liability. Impact on Refunds and Capital Gains Delayed filing may also affect the processing of tax refunds. The Income Tax Department typically releases refunds only after the ITR is filed and processed. Late submissions could lead to delayed refunds, which might further complicate financial planning.#tax_department #central_government #tax_experts #income_tax_act #income_tax_return
NMC Plans Offer Up to 15% Rebate as 44% Property Owners Avail Tax Sops Nagpur: Encouraged by the strong response from taxpayers, the Nagpur Municipal Corporation (NMC) has proposed reintroducing rebates of up to 15% on property tax payments. Officials highlighted that nearly 44% of the city’s total property holders availed the incentive scheme in the previous financial year. According to data from the tax department, out of the 8,28,497 registered properties in the city, 3,65,196 property owners paid their dues between April 1 and December 31, 2025, by taking advantage of rebate benefits. This participation rate of approximately 44.1% underscores the effectiveness of the incentive-based collection strategy in improving compliance and boosting revenues. Of the total, 1,47,560 property owners opted for online payment mode, contributing Rs61.54 crore. These taxpayers availed rebates ranging between 10% and 15%, with the NMC offering a total concession of Rs1.63 crore. In contrast, a larger number—2,17,636 property owners—chose offline payment modes, collectively paying Rs49.48 crore. They availed rebates of 5% and 10%, resulting in a higher rebate outgo of Rs3.14 crore for the civic body. Despite the higher number of offline transactions, officials noted that online payments generated greater revenue, reinforcing the NMC’s push toward digital tax collection systems. Building on this trend, the tax department has proposed a revised rebate structure for the upcoming financial cycle and submitted it to municipal commissioner Vipin Itankar for approval. Once cleared, the proposal will be routed through the standing committee before being placed before the general body.#tax_department #nagpur_municipal_corporation #nmc #vipin_itankar #property_owners
SC slams tax department, RBI governor for harassment of IRS officer #IRS_officer #RBI_governor #tax_department #RBI #slams_tax
