Tax Alert! What Happens If You File Your Tax Return After the Due Date?

Описание: Tax Alert! What Happens If You File Your Tax Return After the Due Date?

Ready for Two Bad News if Income Tax Return Not Filed Yet

Are you putting off filing your income tax return? Well, beware of two pieces of bad news that might just knock on your door!

Consequences of Not Filing

Not filing your tax return can lead to civil penalties, interest on unpaid taxes, and even criminal charges ¹. Yes, you read that right - criminal charges! If you owe taxes and don't file, you could face fines of up to $25,000 per year and/or one year in prison for each unfiled year ¹.

The IRS Will Catch Up

Think you can fly under the radar? Think again! The IRS has a sophisticated system to track down non-filers, using information from employers, banks, and other sources ¹. They'll send you notices, and if you ignore them, things will only get worse.

What to Do Next

Don't panic! File your tax return ASAP, even if you can't pay what you owe. You can request an extension, but be aware that penalties and interest will still apply ¹. Consider consulting a tax professional to help you navigate the process.

The Bottom Line

Filing your tax return might not be the most exciting task, but it's essential to avoid serious consequences. Don't wait until it's too late - take action today!
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According to tax experts, late filing fees can range from Rs 1,000 to Rs 5,000, depending on the total income and the delay period ¹. Additionally, failing to file tax returns can lead to FBR scrutiny, audits, and even legal actions ².