« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  IT returns facility at post offices withdrawn... Bharti Airtel to recover FBT from employees... » Non-filing of returns to attract penalty July, 28th 2007 Companies, partnership firms and small businesses enjoying 25-100 per cent deduction on income will lose these and other tax benefits if they do not file their returns by the due date.   Tax payers, including individuals, may have to pay a penalty of Rs 5,000 if they do not file returns by the due date or by the end of the assessment year. If they do not file by either deadline they will be issued a notice by the department and non-compliance will mean additional penalties of Rs 10,000.   Section 80 AC of the Income Tax Act 1969, which deals with denial of deductions unless returns are filed by the due date, will be strictly implemented this year.   The section was introduced in 2006 and the income tax department is serious about implementing the provision in right earnest this year.   The due date for small firms and businesses with turnovers less than Rs 40 lakh is July 31. Besides companies, the due date is October 31 for businesses or firms with turnovers above Rs 40 lakh.   The consequence of not filing returns will be severe. We are creating awareness about the penal provisions, said an income tax official.   Benefits like carry-forward and set-off of business losses, unabsorbed depreciation on business assets and capital loss from income would not be allowed in the subsequent years if returns are not filed by due the date, he added.