Failure to file updated Income Tax Return (ITR) by the deadline can have legal consequences, including the possibility of imprisonment in certain cases. However, the exact circumstances and penalties vary depending on the tax laws and regulations of each country. It is essential to stay compliant with tax obligations to avoid any legal trouble.
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The Income Tax Department has started an e-Campaign initiative, sending email communications to taxpayers about significant transactions visible in their Annual Information Statement (AIS). The purpose is to enhance compliance and authenticate financial transactions. Taxpayers are encouraged to respond to the communication and provide feedback or file an updated ITR if necessary. Failure to respond may lead to scrutiny or assessment proceedings by the tax department. Learn more about this initiative and how to access the AIS/Compliance Portal.
