What Happens If You Miss The Income Tax Filing Deadline?

Filing Income Tax Returns is a legal obligation; missing the deadline can lead to serious consequences. Whether due to forgetfulness or unavoidable circumstances, failing to file your taxes on time can affect your finances and credibility. If you want to complete an Income Tax Return Online , contact Eazy Startups for flawless completion. Here's what happens if you miss the income tax filing deadline and how to handle the situation effectively:- 1. Late Filing Penalties 2. Interest on Unpaid Taxes 3. Loss of Benefits and Refunds 4. Impact on Credit Scores and Loans 5. Legal Repercussions 6. Remedial Steps for Late Filing 1. Late Filing Penalties: Penalties are one of the first repercussions of missing the tax filing deadline. Depending on the amount of outstanding tax, most tax authorities levy a penalty for late filing. The longer you wait, the higher the penalty, which can result in enormous financial problems. For example...