Income Tax Rule: If you do not file your income tax, will you have to go to jail, this is the rule..

The central government collects income tax from all people on their earnings. In this, the government has kept out of the tax purview of those earning up to Rs 7 lakh. They do not have to pay income tax, but they have to file ITR.

If you do not deposit income tax and do not file ITR, will you have to go to jail or will you be prosecuted under any section of Income Tax? Here we are telling you about it in detail. Also, we will tell you what other difficulties you will have to face.

Punishment for delay in depositing TDS

If a person delays in depositing TDS, then prosecution action is taken against him like section 276 B of the Income Tax Act. In this, a case is filed in the court by the Income Tax Department and you may have to pay interest and penalty along with TDS when the decision comes. Along with this, you may also have to go to jail.

This punishment for deliberate income tax evasion

If a person deliberately hides his income and does not deposit tax according to the income, then it is considered deliberate theft in the language of income tax. In such a situation, action is taken under section 276C of Income Tax, which has provisions for fines and even jail.

This action on filing ITR

If there is a delay in filing ITR or you do not file ITR at all, then action is taken like section 276CC of Income Tax Act 1961, in which action is taken against the persons.

Rules may change soon.

Finance Minister Nirmala Sitharaman had said in her 2024 budget speech that if there is a provision of punishment in some sections of the Income Act, it will be reduced. The intention behind this is to reduce the increasing cases related to ITR. Also, for this, CBDT has formed a review panel, for which opinions have been sought from the people.